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The Atlanta Hawks will not match the New York Knicks' four-year, $71 million offer sheet to restricted free agent Tim Hardaway Jr.

Tim Hardaway Jr.is returning to the Knicks. The former MI standout had a breakout season in Atlanta which prompted the high offer sheet.

Two years after the Knicks traded the shooting guard on draft night, Hardaway will rejoin a rebuilding squad that hopes he can mesh with Kristaps Porzingis, Willy Hernangomez and rookie Frank Ntilikina to form a young, growing core.

Although all four players will be of significance to the long-term vision, all eyes are on Hardaway Jr. and whether or not he'll be able to build upon his 2016-17 success.

The Knicks' offer sheet to Hardaway contains a 15 percent trade kicker and a player option in the fourth year, per ESPN sources. Second year pro DeAdre Bembry should eventually take over as the Hawks starting two guard, until then the role belongs to Kent Bazemore.

The club renounced its rights to free agents Derrick Rose, Sasha Vujacic and Ron Baker to make room for the contract. Baker, though, has already agreed to a deal with NY.

The Knicks could also obtain a point guard via trade or could open up more cap space in any trade of Anthony.

The idea to sign Hardaway is said to have been Steve Mills' the Knicks General Manager, who has been running the operations while the organization attempts to find a fresh president for the team following parting ways last week with Phil Jackson.