Would the Knicks be in trouble if Hornets decide to trade CP3 by the deadline?

They still have Billups,Shumpert,Douglas,and free agents the knicks get. Also if CP3 will only play for the Knicks then the Hornets will have to trade him to the Knicks. Like Carmelo. Lets say the Hornets like Orlando`s deal then CP3 will have to say he will sign with them. So the Knicks might not be in trouble.