http://sports.espn.go.com/new-york/nba/news/story?id=5367965 By Chris Sheridan ESPN.com Archive The New York Knicks' consolation prize after missing out on LeBron James will be point guard Raymond Felton. Two league sources told ESPN.com that the Charlotte Bobcats' unrestricted free agent reached an agreement in principle Friday on the broad parameters of a contract. The length of the deal has not yet been agreed upon, but Felton will earn a starting salary in the $7 million range. Felton was widely considered the top free-agent point guard available in this summer's superstar-laden market. One of the other top free-agent playmakers, Steve Blake, came off the market earlier this week when he agreed to a four-year, $16 million deal with the Los Angeles Lakers. The Bobcats selected Felton fifth overall in the 2005 NBA draft, and he has career averages of 13.3 points, 6.4 assists and 1.4 steals per game. He's proved to be durable, appearing in at least 78 games in each of his five seasons as Charlotte's starting point guard, and should bring stability to the Knicks' backcourt. Felton joins Amare Stoudemire as the Knicks' two big free-agent signings of the summer, even though they failed to achieve their primary goal of getting James. The sources said the deal is expected to be finalized over the weekend.