There has been a barrage of articles by NBA reporters, who know more about the league than I could hope to forget. They all write about how the hiring the Zen Master is an impending disaster and how this is an ugly divorce waiting to happen. Mainly because of the contrasting personalities of team owner James Dolan, who is known for making impulsive and expensive mistakes as far as the managing of his assets go and Phil Jackson, the legendary coach who won a record 11 NBA titles during his tenures at Chicago with Michael Jordan and Los Angeles with Kobe Bryant.
The popular opinion seems to be that this is simply another stunt by James Nolan in order to save face. I believe that the New York Knicks ultimately have a unique opportunity to rebuild successfully within the next three seasons depending on what Jackson chooses to do with the mess that the Knicks are currently in.
Jackson can help convince the current star Carmelo Anthony to stay and build around him in order to compete in the playoffs as early as next season. Or he could let Anthony walk and trade veterans for draft picks, which will come in handy, as the Knicks will probably earn a top pick with their terrible winning percentage (predicted by analyst if Anthony walks). And rebuild the team as he sees fit. He would have a clean slate with an owner willing to spend whatever it takes to win, the prestige of Madison Square Garden and New York to draw in free agents, and his past success would build confidence in players that the Knicks are finally ready to be serious winners. There is no other team that offers that same combination of resources.