New York Knicks point guard Chauncey Billups (4) during a...

New York Knicks point guard Chauncey Billups (4) during a game against the Toronto Raptors. (April 5, 2011) Credit: Christopher Pasatieri

 The Knicks decided against making Chauncey Billups sweat out the entire week. The 34-year-old point guard will be back with the team next season.

"We have made a decision to keep Chauncey Billups for the upcoming 2011-12 season," Donnie Walsh said in a statement released just before 3 p.m. "Chauncey, Amar'e [Stoudemire] and Carmelo [Anthony] are a great nucleus, as we continue to look to improve our team going into the off-season. Chauncey is an extremely talented and experienced point guard - we are very happy to have him back."

Billups has one year left on his contract at $14.2 million, but only $3.7 million would be guaranteed if the Knicks waived him within five days of the end of their season.