The last two times the New York Knicks waded above knee-level into the free agent pool, Isiah Thomas signed Jerome James and Jared Jeffries.

No lifeguards, apparently, were on duty to save him.

Now, with this off-season's embargo on negotiating with free agents lifting Tuesday, Donnie Walsh insists he doesn't need anyone to keep him from jumping in the deep end, just the kind of thought that a former U.S. president might phrase this way:

It's about 2010, stupid.

The quest to create salary-cap space for that off-season's free agent "Class of LeBron James" will drive whatever Walsh does this summer — which means no five-year, mid-level salary cap-exception contracts like the ones Thomas gave James and Jeffries.

"I'm going to be frugal," the Knicks' president said.

Which doesn't rule out sign-and-trade deals for free agents, as long as they're cap-friendly for 2010.

But a big-ticket free agent? Walsh isn't going there, although the Class of 2008 is more of a role-players market, unlike 2010 with James, Dwyane Wade and Chris Bosh possibly hitting the market.

A big-ticket trade (which can't be officially consummated until July 9)? Only if it's the kind of player the Knicks can't refuse, who's worth aborting the 2010 plan, he said.

In either case, Walsh eventually wants the salary cap room to maneuver the way the franchise last did in 1996, when Ernie Grunfeld signed Allan Houston and Chris Childs, and traded for Larry Johnson.

"It doesn't matter what we do, we've got to be really conscious that we have an opportunity to get under the cap in 2010 and we can't do things that are going to jeopardize that," Walsh said. "There are several ways that you can do that, but you always have to take that position."

Thus, if the Knicks do wade into a free agent pool, his bait almost certainly will be nothing longer than a deal that expires in 2010.

That could be enough to sign a stopgap veteran point guard, of which there are several who are "unrestricted" (free to sign anywhere), such as Carlos Arroyo, Keyon Dooling, Chris Duhon, Beno Udrih or Jason Williams.

Far more quality free agents, however, can be found in the "restricted" pool (i.e. Ben Gordon, Luol Deng, Monta Ellis, Andre Iguodala, Josh Smith), meaning their current teams can match any offer they get — and the Knicks' 2010 governor would prevent them from getting involved in a bidding war.

Trades, of course, are a different animal. If, for instance, Walsh can find takers for the three-year obligations (including player options) held by Jamal Crawford, Eddy Curry, Jeffries and Zach Randolph — but only if Knicks get back contracts that come off the cap in 2010.

"You'd have to remove salary in order to follow the grand plan," Walsh said. Yet, despite the albatross caliber of his contracts, he also indicated, "I think there's interest in our players."

Any "rent-a-player" type deals in which the Knicks trade for someone who's decided not to opt out of the final year of his contract next season (i.e. Ron Artest, Shawn Marion) means either letting them walk after one year or signing them to new deals that blow up the 2010 plan.

"This is a fluid situation," said Walsh, who calls this "Stage 3" of his off-season work, following the hiring of Mike D'Antoni, then last week's draft.

"But also part of that situation is for us to evaluate the players we have on the team now that can play at a certain level."

In other words, although he admits, "I think we can use help," he may have to find ways to get more out of what he and D'Antoni inherited than Thomas did, because no matter what he finds in the pool this summer, the Knicks may be stuck swimming with a lot of what they already have.