Begin panicking, Knicks.

New York has built its entire foundation around Carmelo Anthony. He’s the team’s unquestioned top player, the type of star who yields incredible power within his franchise.

He’s also, as you might have heard, planning to become a free agent this summer.

As much power as the the Knicks have given Melo, they have little re-assurance in return. Melo could just leave with New York in the offseason with the Knicks getting no compensation. It has to be an uneasy feeling for the team’s management.

This won’t settle them.

Melo on LeBron James and Chris Bosh signing with Dwyane Wade and the Heat in 2010, as transcribed by Ian Begley of ESPNNewYork.com:

“They were smart,” Anthony told NBA TV’s Ahmad Rashad. “I think it’s smart. It was their choice.”

If it’s smart to team up with other stars, why would Melo stay with the Knicks?