This is a weird and fun idea(Precious sign and trade makes it questionable if it even works). Nuggets get a real backup for Jokic in Mitch as well as an awesome player and cutter in Josh hart. This hurts the Nuggets shooting A LOT so Idk if they would do it but Porter has also been benched in multiple playoff games this off season, and the nuggets need more depth.
Knicks sell their souls by trading Hart (and Mitch) to complete one of the more seemless starting 5s in the league. MPJ is the willing and deadly shooter they need. Hes far from a good defender but he has the size and ok mobility to hold his own and he is a great rebounder to replace Hart. I think he would open up the floor a ridiculous amount for the Knicks and may end up having his best shooting percentage season just from open looks(tho I think the Jokic effect may be concerning, look at how good Russ looks and how bad guys like KCP and bruce brown have been).
The other way to make this money work would be Bridges and Mitch but then the Knicks are left with no POA defense outside of 6'1 McBride who is a really solid piece but not big enough to be the guy espeically next to another guy like Brunson.