The New York Knicks are delighted to welcome Anthony back into their fold. Madison Square Garden heaves a sigh of relief. But the issues are far from over. They got their star back but there are no other acquisitions to welcome.

That doesn't mean they are exactly the same team that missed the playoffs last year. Phil Jackson swung trades that got them Jose Calderon, Shane Larkin and 2^nd round picks. It is also expected that the Zen Master is not done yet.

The good news for the Knicks is that despite the All-NBA team snub, Carmelo Anthony is one of the best players in the league. Based on last year's performance, a clear top 10, if not top 5. An analysis from ESPN:

"Anthony's decision to return to the Knicks demonstrates a vested faith in Jackson's roster-building sorcery, a belief that the Knicks will be in contention sooner rather than later. That faith might not be misplaced.

This deal itself should provide fair value. Some doubt Anthony can be the linchpin of a championship team. But Anthony has never played better than he has with the Knicks. He's rebounding more than ever, dishing assists at career-high rates and playing as efficiently as he ever has. Last year, Anthony was worth 14.2 Wins Above Replacement (WARP), ninth-best in the league. His 33.6 WARP over the last three seasons ranks in the 98th percentile of all players. To state the obvious, that's max-worthy production."

The only caveat for Anthony is that he is turning 30 years old and this is probably the best he will ever become. While more than half the teams in the NBA have no one close to Melo's talent (that's why so many teams wanted to get him, not just the five cities he toured), the Knicks are weak in almost every other position.

ESPN suggests that they need another star:

"In retaining Anthony, Jackson gets his primary scorer. But while Melo might be in the same neighborhood as Jordan and Bryant as a scorer, he hasn't demonstrated a sustained ability to raise his teammates' level of play. He's been more Scottie Pippen rather than Michael Jordan."

The Knicks do not have the cap space to pursue a free agent. They can do that next year, but most of the top prizes might be gone (Kevin Love, LaMarcus Aldridge). Their possible hope is to trade their huge expiring contracts in Amare Stoudemire and Andrea Bargnani for disgruntled stars on long-term contracts.

If someone can pull it off, it's probably Phil Jackson.