With six expiring contracts creating roughly $21 million in salary cap space July 1, the Knicks could be the biggest player in one of the most talented free agent classes in NBA history. It could be their best shot to turn around a franchise that has not made the playoffs since 2004 and hasn't had a winning season since 2001.

"The only thing I can say is that I have more cap space than everyone else," Knicks President Donnie Walsh says. "But it still might not be enough to do what I want to do."

Cleveland Cavaliers forward LeBron James could be part of that class. So could Miami Heat guard Dwyane Wade, Phoenix Suns forward Amar'e Stoudemire, Toronto Raptors forward Chris Bosh, Dallas Mavericks forward Dirk Nowitzki and Atlanta Hawks guard Joe Johnson.

James is the top prize, but nobody knows what he — or any of the players — will decide.

"The word around the league is that not everybody's going to get a big-name player," Wade says. "They might stay put. Some teams that have opened themselves up to wait on these big-time players might not get them."

So how does Walsh proceed, knowing he could wreck his franchise by planning around a player who might never arrive?

"It will affect the way we operate," Walsh says. "Since you can't sign a free agent now, you're watching everything every day. I'll continue to do that. You'll have to react pretty quickly, whoever it is. I have to look at all scenarios and do the right thing when the opportunity appears."

Only five players remain from the roster Walsh inherited in April 2008. He traded the big contracts of Jamal Crawford and Zach Randolph for shorter ones (Al Harrington, Larry Hughes), and he signed David Lee and Nate Robinson to one-year deals this summer. All of those contracts expire July 1, in addition to those of Chris Duhon and Darko Milicic.

"People want to come (to Madison Square Garden). They're waiting," coach Mike D'Antoni told news reporters last week. "Maybe they're trying to get in line for 2010, but maybe we'll surprise them. They'll come and say, 'This is not bad.' "

Walsh says he had never targeted any one player to turn around the team.

"When I made the decision to clear salary-cap space, I didn't even know who would be in the free agent class (of 2010)," he says. "I just thought, as a general rule, that's how we had to do it, to get to contending status quicker."

TNT analyst Reggie Miller says, "We know (the Knicks') focus is LeBron James. But if you could get two of those (other free agents), I think that would pay bigger dividends than getting one big fish in LeBron James."

The NBA's shrinking salary cap ($57.7 million this season, down from $58.68 million) could keep Walsh from signing two big-name free agents, who could command roughly $16 million annually. If the economy continues to adversely affect league revenue, the 2010-11 cap could fall to between $50 million and $54 million, reducing the Knicks' cap space.

"There are only so many ways you can rebuild a team," Walsh says. "You look at the draft, it's going to take you four years to get the players you need and another three to let them play together and mature."

Walsh says he also explored improving the Knicks through trades but couldn't find a way to improve the team dramatically. "So I tried to get under the cap enough to go get a player. And now the cap could go down again," he says.

But Walsh has several factors in his favor. The lure of playing at the Garden — undergoing a $500 million renovation to be completed by 2012 — is strong. There's the earning potential and exposure of the New York market. And there's D'Antoni, who plays an up-and-down style many players enjoy.

"New York is not for everybody," Walsh says. "But to play in the Garden, for the New York Knicks, to play for Mike, I would think it's an enticing destination."

Enlarge By Robert Deutsch, USA TODAY Coach Mike D'Antoni, left, and team President Donnie Walsh are trying to revive a Knicks franchise that has been in disarray for most of the decade.