In the first round of the 1974 NBA draft, the Knicks did not select any players; their first pick was the 32nd overall choice in the second round, which they used to acquire Jesse Dark. The team alternated between wins and losses in their first eight games of the season, and were 6–6 before winning 11 of their next 13 games. They then lost six of the following seven contests, and by February 11 they fell below .500 for the season, at 27–28. New York remained with more losses than wins for the rest of the season, but still reached the postseason.
The Knicks were seeded fifth in the Eastern Conference and faced the fourth-seeded Rockets in the opening round of the playoffs. After a 15-point loss in Houston, the Knicks required a victory at home to extend their season, and defeated the Rockets 106–96 to force a decisive third game in the series. The Rockets won the final game, by a score of 118–86, to end New York's season.