The veteran forward specifically will make $1,591,650 for the coming season.
The Lakers cut World Peace on Thursday, using their one-time amnesty to remove his contract from the team's salary cap and luxury tax computation -- saving the team about $15 million.
By the complex rules of the NBA's collective bargaining agreement, World Peace signing with the Knicks will reduce the amount the Lakers still owe ($7,727,280) by about $401,389.
For the coming year, World Peace will now receive $7.3 million from the Lakers and the $1.6 million from New York for a total of $8.9 million.
The opportunity to play for more money in his home-town New York probably took away some of the sting after the Lakers let World Peace go after four seasons (including an NBA title in 2010).