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The New York Daily News is reporting that as of a few minutes ago, the Knicks and Donnie Walsh have finally shored up the agreement that will bring Walsh to the Big Apple and make him president of the New York Knicks. I will now refrain from a joke about the Titanic.

Walsh will be introduced at the Garden at 1 p.m., although Garden officials late Tuesday night refused to announce his hiring in alerting the media to its major news conference.

Walsh, 67, a product of the Bronx, reached a handshake agreement on a three-year $15 million deal on March 24, but was in negotiations the past eight days to firm up the details.

The biggest issue will be Isiah Thomas, but of course. Thomas' reign of error has turned the Knicks into the laughingstock of the league yet he's been able to avoid the chopping block for seemingly forever now. Obviously he will be relieved of any front office duties with Walsh in place, but will he still be allowed to coach?

Word on the street is "yes", at least temporarily. It would seem logical that Walsh would prefer to let him finish out the season. First of all, Walsh can take the collective pulse (assuming one exists) of the players on his roster and find out if they do in fact like Thomas. And before you scoff, remember that James Dolan still wants to retain his services.

Personally, I wouldn't bank on Isiah being employed at Madison Square Garden next year, but then again, he and Walsh have worked together to achieve some degree of success in the past, and you have to figure with as long as Dolan has already been snowed, either he just loves the guy or Isiah has enough dirt to keep himself employed.