I don't believe that is possible. Them signing nobody. Somebody big is going to want that media market money in that D'Antoni system. Lol I would not be surprised if Joe Johnson is on Walsh's doorstep at 12:01AM (too bad Walsh will be in Akron lol).
Those old vets that are former stars will join the Lakers or Cavaliers before joining the Knicks. If the Knicks only land JJ and keep Lee, they will only be able to sign money hungry vets that suck.
Bosh has said he wants to go to a team where he can be "the man". He'd be playing second banana to James or Wade. Gay, although a good player, isn't a superstar talent. New York could afford to get Bosh and Gay. That wouldn't be a bad duo in the East.
That still would be the worst case scenario. I think they resign David Lee to go with Joe Johnson, then plug in minimum contract players to fill out the roster, and that to me, doesn't make them any better than an 7 or 8 seed, at best. Their issue is going to be defense. If you have Tony Douglas, Joe Johnson, Wilson Chandler, Gallinari, and David Lee as your starting lineup, with no bench, you are going to be in trouble.
Their lack of depth is guaranteed to lose them a few games. Any injury will send them on a losing streak, it means a borderline NBA/NBDL player getting major minutes or the other rotation players playing 40 minutes and being less effective. Rockets went through this issue when Ariza and Lowry missed a few games, and using Conroy and Temple to fill the void. They kept losing games. Then, they played Battier and Brooks for 40 minutes, and the guys were totally gassed and lost more games.