Once the new team president of the Knicks, Donnie Walsh, clarifies the coaching situation, he will have to sit down and take a long look at what the trade prospects are for the members of the miserable roster that he inherits. It is somewhat counterintuitive, but two of the three players with the greatest trade value are those with the worst contracts, and the third is one of the Knicks’ younger players.

NBA teams want players for two reasons: to help them win games, or to help them manage their salary cap. While this Knicks team has precious few players who have demonstrated a consistent ability to help teams win games, they have two players that may help a team get under the cap.

It’s ironic and telling that the Knicks’ most valuable player as a trade commodity is Stephon Marbury. Marbury is a cancer in the locker room, and no sensible team wants any part of his attitude and selfish play. But nearly every team would like to have an expiring $22 million contract.

The question is when to trade Marbury. If the Knicks trade him now, the team acquiring him can tell him to stay home, and put him on the inactive list. This is what the 76ers did with Allen Iverson when they were pursuing a trade for the star guard; and what the Indiana Pacers did when Ron Artest’s erratic behavior led them to dump him. In this case, the team acquiring Marbury can sit on his contract and plan to use it as a trade chip when the deadline for deals approaches next February. If the Knicks move now, they could get a player such as Jermaine O’Neal for Stephon. O’Neal has made his desire to leave Indianapolis public on several occasions; he’s due a Stephon-like $21 million in each of the next two seasons, and he’s injury-prone, so the Pacers might want to deal him now. For the Pacers, having Marbury’s contract is a win-win. Either they could move his contract now for a useful player, or they could buy him out and find themselves with cap flexibility in the 2009–10 season to aid their rebuilding process.

On the other hand, with O’Neal the Knicks would assume a great risk. When healthy, he’s an All-Star. But he missed more than 30 games in three of the last four seasons.

The other option is that the Knicks could hold on to Marbury until the trade deadline and see if offers abound. If not, they could just buy him out then, and take the cap relief themselves. The risk here is that as long as Marbury is under contract to the Knicks, he can be a distraction to the team. The Knicks could buy Marbury out now, but that might sacrifice a chance to use his contract to become a better team.

The next most tradable Knicks player is forward Malik Rose. The 33-year-old has been the very model of a savvy veteran — but he would be better serving a team with a suit on, rather than a uniform. His game has been in decline for several seasons. But his deal, which earns him $7.6 million this season, expires next June. He’s a good bargaining chip again. Rose’s salary is an awkward number, though. The expiration of his deal won’t bring major cap relief to a team, nor will it likely fetch a useful player in return. Walsh may have to use Rose’s contract as a sweetener in a deal to move some of the Knicks’ less desirable players. How he handles Rose will be a key indicator of Walsh’s creativity when it comes to cap management.

Nate Robinson is third on the list. Yes, Lil’ Nate. It’s time for him to go because he’s due a contract extension, and his value has been exaggerated by the team’s inept roster. Long-term, how much value should a 5-foot-9-inch shooting guard have? He has yet to play the point well on a consistent basis (he’s duped me with occasional periods of fine quarterbacking, but he reverts to dominating the ball every time). His numbers and rah-rah attitude should make him attractive, and since he’s still in his rookie contract, a deal shouldn’t be hard to work out.

This fall, the Knicks will need to extend forward David Lee’s contract, and the last thing the team needs is Robinson’s agent using the Lee contract as a benchmark for his player. Lee is valuable in the long term — Robinson isn’t. Also, in return for Robinson, Walsh could easily obtain several second-round draft choices, which the Knicks need in droves to refresh the roster.

The remainder of the roster probably needs a half-season of rehabilitation in order to have trade value. Forward Renaldo Balkman has to learn how to shoot better and foul less. Guard Jamal Crawford, center Eddy Curry, and forward Zach Randolph need to lose the stigma of being the biggest underachievers on the league’s most disappointing team. Any interest from this trio in playing defense will double their trade value. Guard Quentin Richardson needs to regain some of his shooting touch to have some potential value to another team.

With his performance Sunday night against Orlando, forward Wilson Chandler, who scored 23 points, probably moved onto the tier of untouchable, which he shares with Lee. Otherwise, nearly all the Knicks need to be thought of as tradable commodities and the only question is whether to trade them now or trade them later. Housecleaning in the NBA isn’t easy, and it is harder when the team being renewed is a league laughingstock. But it is the big second step — after replacing the coach — in becoming a respectable NBA franchise again.

mjohnson@nysun.com