It’s a sad day in the world of the NBA, the blogsphere, and pretty much everywhere else. According to reports, the Knicks will release Stephon Marbury by week’s end.

The Knicks are preparing to put Marbury on waivers by the end of the week, several sources with knowledge of the situation told Newsday. The team must await the go-ahead from Madison Square Garden chairman James Dolan, however, because it would involve eating another large chunk of money in a buyout, Newsday reported.

Marbury’s set to make $21.9 million this season, just enough to declare Isiah Thomas insane for ever offering such a contract. There’s rumors that the Heat may make a move — they’re in desperate need of a PG — but I can’t imagine Pat Riley springing for Marbury and the craziness that comes with it.