Phil Jackson and the New York Knicks have picked up their option on the remaining two seasons of his contract this spring.

Jim Dolan publicly said in February that he would honor Jackson's five-year contract.

Both Jackson and the Knicks held the option to walk away at the end of the 16-17 season.

The Knicks are 80-166 in Jackson's three full seasons as president of the Knicks.

Jackson will have more than $20 million in cap space and also figures to attempt to trade Carmelo Anthony in the offseason.