Coach Mike Woodson said Rasheed Wallace is an "insurance policy." "If he gets to play five, 10 minutes, we have to hope it's the best 10 minutes to help us win basketball games," he said. Wallace's contract is non-guaranteed and Woodson admitted that nothing is guaranteed when it comes to Sheed making the final roster. There is no fantasy value here.

Rasheed Wallace didn't practice with the Knicks on Wednesday because his contract has yet to be finalized, but is expected for Thursday's session. Sheed says that Mike Woodson and Larry Brown are the only coaches he would have come out of retirement for, while Woodson has indicated that Sheed still has to prove he's got NBA game left to make the team. The Knicks bench has the potential to be incredibly old if Sheed, Jason Kidd, Kurt Thomas and Marcus Camby are all on it.

Updating a previous item, Knicks sign F/C Rasheed Wallace. It's very real. Wallace will bring veteran experience to an already old locker room, but if he's in shape, Wallace will help in situational lineups as a big man who is capable of stretching the floor. His days of offering fantasy value are no longer, but at least we all know what he'll say when he makes his first shot as a member of the team: Ball dont lie.

Rasheed Wallace is finalizing "minor details" of his contract with the Knicks. Wallace missed the team's first practice, but he was in the building and working out on his own. His agent said that 'Sheed is coming out of retirement in order to win a ring with the Knicks, but there's certainly no guarantee of that happening.

Rasheed Wallace is expected to participate in his first official practice with the Knicks on Tuesday. Sheed was finishing up his physical on Monday, and the Knicks still "expect him to sign," but he's not under contract quite yet. His conditioning is a major question mark, and even if he's in great shape he'll play a small role backing up Tyson Chandler and Marcus Camby.

Rasheed Wallace will attend training camp with the Knicks, a source tells the New York Post. Unbelievable. The return of 'Sheed has officially arrived. It will be Wallace's first action in the league since the 2009-10 season with the Celtics, when he averaged 9.0 points, 4.1 rebounds, 1.0 steals, 1.0 treys and 0.9 blocks on 40.9 percent shooting. He looked like he was in rough shape at that time, and after two years out of the league, it will be fascinating to see how much he can contribute. Previously, it had been reported that Wallace did not look to be in good shape during his initial workout with the Knicks. The deal will reportedly be for the veteran's minimum.

Rasheed Wallace took a physical with the Knicks on Thursday, a source tells ESPN New York. It's fairly incredible that the return of 'Sheed seems to be a very real possibility, and it's even more astounding that it'll come with a team that is already on the older side. If signed, Wallace will offer no sustainable fantasy value, but the Knicks will be one of the more interesting teams to follow next season, as if they weren't already.

The Knicks are "willing to take a gamble" on Rasheed Wallace. However, it's up to Wallace as to whether or not he really wants to return to the NBA. He'd have to get his body back into game shape, and he was reportedly "not in very good shape" when he was working out with the Knicks. According to Wallace's agent, six teams have tried to get 'Sheed back in the league over the last two years.

Rasheed Wallace is "not in very good shape," a source tells Jared Zwerling of ESPN New York. Wallace drew interest from the Lakers last season and an agreement between the two sides was even reported, but 'Sheed seemed happy in his retirement role and never wound up returning. Nevertheless, the Knicks are interested, but he's not going to help NY if he's not in shape. It's curious as to why the Knicks want to add more age on a veteran-laden roster.

The Knicks are reportedly "considering" signing Rasheed Wallace, who worked out with Marcus Camby and Kurt Thomas at the Knicks' practice facility this weekend. Rasheed retired after playing 79 games with the Celtics in 2009-10, he showed no interest in coming out of retirement last season, and his presence would seem redundant on a team that already features veteran big men Camby, Thomas and Tyson Chandler. Sheed can probably still knock down a few 3-pointers and play defense in spurts, but at 38 years old he'd be a marginal rotation player in New York or anywhere else.