They don't have an MLE because they aren't over the cap. Mid-Level
Exception is given to teams that are over the cap already in order to let them sign someone.
David Lee is going to make close to double the MLE anyway.
Carmelo is close to signing a long extension with Denver.
The Knicks put all of their eggs in the LeBron James basket. They might be able to get lucky enough to get Joe Johnson and/or Amare as a consolation prize, but I think even that doubtful.
Donnie Walsh mortgaged their future for a chance at LeBron and it's looking like it's not going work.
They could have kept Jordan Hill and not worried about getting so far under the cap. That first-round pick could have been nice too. Didn't they get this way by losing first round picks? That and making bad draft picks. Lol Andy Rautins btw.
In conclusion: