Clarence Weatherspoon (free agent, 2001)
What he got paid: 2 years, $9.5 million
What he was really worth: 2 years, $5 million (mid-level)
Dolan Dollars wasted: $4.5 million
Howard Eisley (trade, 2001)
What he got paid: 3 years, $18.8 million
What he was really worth: 2 years, $6 million (mid-level)
Dolan Dollars wasted: $12.8 million
Keith Van Horn (trade, 2001)
What he got paid: 1 year, $13.3 million
What he was really worth: 1 year, $8 million (starter)
Dolan Dollars wasted: $5.3 million
Steve Francis (trade, 2006)
What he got paid: 1 year, $15 million
What he was really worth: 2 years, $10 million (starter)
Dolan Dollars wasted: $5 million
Patrick Ewing (free agent, 1997)
What he got paid: 4 years, $60 million
What he should’ve got paid: 4 years, $48 million (near-max)
Dolan Dollars wasted: $12 million
Shandon Anderson (trade, 2001)
What he got paid: 4 years, $25.6 million
What he was really worth: 2 years, $6 million (mid-level)
Dolan Dollars wasted: $19.6 million
Penny Hardaway (trade, 2004)
What he got paid: 2 years, $30.3 million
What he was really worth: 2 years, $8 million (mid-level)
Dolan Dollars wasted: $22.3 million
Quentin Richardson (trade, 2005)
What he got paid: 4 yeas, $31 million
What he was really worth: 3 years, $12 million (mid-level)
Dolan Dollars wasted: $19 million
Travis Knight (trade, 2000)
What he got paid: 4 years, $15 million
What he was really worth: 2 years, $2 million (veterans minimum)
Dolan Dollars wasted: $13 million
Jerome James (free agent, 2005)
What he got paid: 3 years, $16 million
What he was really worth: 2 years, $1.5 million (veterans minimum)
Dolan Dollars wasted: $14.5 million
Stephon Marbury (trade, 2004)
What he got paid: 5 years, $90 million
What he was really worth: 4 years, $36 million (near-max)
Dolan Dollars wasted: $54 million
Larry Johnson * (trade, 1996)
What he got paid: 7 years, $67 million
What he was really worth: 4 years, $32 million (starter)
Dolan Dollars wasted: $35 million
Eddy Curry (trade, 2007)
What he got paid: 5 years, $45 million
What he was really worth: 3 years, $20 million (starter)
Dolan Dollars wasted: $25 million
Allan Houston (free agent, 2001)
What he got paid: 6 years, $100 million
What he was really worth: 4 years, $56 million (max)
Dolan Dollars wasted: $44 million
Amar’e Stoudemire (free agent, 2010)
What he got paid: 5 years, $100 million
What he was really worth: 4 years, $64 million (max)
Dolan Dollars wasted: $36 million
TOTALE: $316M*Quick note on Johnson: Because Dolan hadn't yet assumed full control of the Knicks in 1996, it's difficult to say how much sway, if any, he had on the LJ deal. Even if you want to nix that one from the list, adjust the numbers of all the others just slightly, you still come up with the same, jaw-dropping results. 
