NEW YORK -- The projected salary cap increase for the next two seasons, as reported by ESPN.com's Marc Stein, is welcome news for every team around the league, including the New York Knicks.

The NBA informed teams that the salary cap is projected to jump by $22 million for the 2016-17 season to total $89 million, sources told Stein.

In the 2017-18 season, the cap is projected to increase by another $19 million to $108 million, Stein reports.

That's a massive increase. The largest single-season salary-cap jump in league history is $7 million.

The extra cap money is a result of the NBA's new nine-year, $27 billion TV deal that begins in the 2016-17 season.

So what does it all mean for the Knicks?

Phil Jackson & Co. are projected to have at least $25 million in cap space this season. The Knicks will also have a top-five draft pick.

Jackson will use those resources to try to rebuild a team that finished with a 17-65 record this season -- the worst in franchise history.

But the cap increase -- which has been expected for months -- gives Jackson some more wiggle room in his attempt to build a winner in New York.

First off, it means that a maximum salary this summer will occupy a lower percentage of the cap going forward, so a player on a max contract this season can be seen as a bargain in the coming years.

Also, the cap increase will allow Phil to spend all of his cap space this summer on free agents and then still have an extra $22 million in cap space to spend in the summer of 2016.

But if Jackson wants to pursue a player who will command a maximum contract in 2016, such as Kevin Durant, he'd be wise to hold on to some of his cap space this offseason.

If the projections are correct, Durant could have a starting salary of approximately $26 million. (The maximum salary calculation is based on a percentage of the salary cap that increases as players accrue more years of service.)

If Jackson uses all of his cap space this summer, he may not have enough money to pursue a player such as Durant because he'd only have $22 million to spend before going over the cap. But getting a younger maximum-salary player may be more feasible.

Players with fewer than seven years of service are projected to earn $22.25 million in the first years of their contracts in 2015-16, which is close to the $22 million the Knicks would have to spend in 2016.

So, as you can see, the extra cap space certainly helps the Knicks. But if Phil has plans to chase after veteran players who will command max salaries in 2016, he may want to save some cap space this summer.

Question: How do you think Phil should use his cap space this summer? Should he spend all of it, or should he keep some of it to chase after maximum-salary players in 2016?