6. Jerome James
5 years/$30 million. Let's say that again. 5 years/$30 million. Isiah Thomas signed Jerome after his magical playoff run with the Sonics in '05 when he averaged 12 points and 7 rebounds in 11 games. Problem was, Isiah failed to take into account the fact that James was 29 years old, and had NEVER AVERAGED MORE THAN 6 POINTS PER GAME OR 17 MINUTES PLAYED PER GAME up to that point in his career.
After he signed the deal, Jerome showed up to camp out of shape and was injured for half the season, putting the likes of Oliver Miller to shame. As soon as his bloated contract became tradeable, the Knicks dealt him to Chicago for two other over-paid players in Tim Thomas and Larry Hughes. During his four years with New York, James played in only 90 games, putting up stats so paltry we dare not type them. Needless to say, there were no magical playoff runs during the Knicks' Jerome James era.