Wow. I figured they'd pick up the option since they'd still owe quite a bit if they didn't, however, this is really overpaying for an old, semi-injured PGOTP (point guard of the past). Via RealGM: The New York Knicks picked up the $14.2 million option on point guard Chauncey Billups Wednesday, ensuring that he will be with the team for the 2011-12 season. The Knicks had until Friday to pick up the option or pay Billups a $3.7 million buyout. The 13-year veteran missed three of the Knicks' four playoff games, all losses, to the Boston Celtics after straining a knee tendon late in Game 1 of their Eastern Conference first-round series.