This is the last chance for the Knicks to make a significant improvement to their team before the free agency period begins in 2010. Thanks to the Stephon Marbury trade, the Knicks will not have a first round pick in next year’s draft making tonight’s pick the last significant pick they will have to improve this team.

Their original plan was to draft Stephen Curry, but Curry’s stock has risen in recent weeks and it is doubtful he will be there when the Knicks select with the 8th pick. They had explored trading up, but that chance seems to have diminished since the Wizards traded away their #5 pick to the Timberwolves. So, the Knicks will hope that Curry falls to them, but more likely have to settle between Jrue Holiday, a point guard from UCLA and Jordan Hill a power forward from Arizona. Both players fill needs, so Donnie Walsh will have to decide which need is bigger.

For the Nets, they seem content to wait and see what comes to them with the 11th pick. One player who will almost certainly be available is Tyler Hansbrough, a player from UNC who excelled in college, but scouts are unsure of how good he will be as a pro. But, the Nets might look to go with a smaller player and take Gerald Henderson, a guard from Duke or Jeff Teague a guard from Wake Forest.

Of course both teams could trade up or acquire additional picks. Some of the latest rumors have the Knicks trading Quentin Richardson to Memphis for Darko Milicic and buying one of the Timberwolves first round picks.

UPDATE: The Knicks have bought a pick, but it is actully the 29th pick that belonged to the Lakers. New York will send $3 million to LA and their second round pick in 2011 in exchange for the 29th pick in the draft.

UPDATE: The Nets are talking with the Magic about a trade that would send Vince Carter to Disney World.