It's been awhile, but the New York Knicks emerged as clear-cut winners in Wednesday's proceedings by dumping salaries in the name of financial flexibility and asset collection. 

Knicks president of basketball operations Phil Jackson explained the organization's train of thought in a statement late Monday night, according to the team's official website: 

As our journey moves through this season, we will search for the type of players that fit the style we hope to exhibit for our fans. Our desire is to improve our ability to compete. In addition, these transactions improve our flexibility to the current roster and the salary cap for future season.

In the process of dumping J.R. Smith, New York opened up a $6.4 million salary slot next season, per ShamSports.com. Given the structure of his deal, Smith has the option to opt into that generous payday for the 2015-16 campaign, a dilemma the Knicks no longer need to deal with. 

Trading Shumpert doesn't have significant monetary ramifications, considering the Knicks could have declined his $3.7 million qualifying offer and thrust him into unrestricted free agency in the summer, but in the short term it puts the Knicks in line for a few more ping-pong balls. 

New York also snagged a future second-round pick, according to Grantland's Zach Lowe, which is significant considering the Knicks are slated to owe the Houston Rockets second-rounders in 2016 and 2017, another second-round selection to the Utah Jazz in 2017 and two to the Philadelphia 76ers in 2018 and 2019, per RealGM.com.

Although incoming bodies Lou Amundson and Alex Kirk are expected to be waived, New York was also able to create salary-cap exceptions of $6 million and $2.5 million for Smith and Shumpert, respectively, according to The Record's Steve Popper. 

As ESPN's Brian Windhorst summarized in a tweet, the Knicks will save over $20 million overall and be starting at $30 million in cap space this summer, which should allow Jackson to wheel and deal when free agency opens.