The Knicks will get one of the picks in 2017 and the other in 2019.
Prigioni averaged 4.7 points in 43 games this season, sitting out some as the Knicks turned to younger players. His departure follows those of J.R. Smith, Iman Shumpert and Amare Stoudemire since the season started, leaving Carmelo Anthony as the only player remaining from New York's 2013 Atlantic Division championship team.
The deal helps the Knicks continue shedding future salary, as Prigioni's $1.7 million for next season is partially guaranteed. Shved's contract expires after this season.