As much as they investigated, the Knicks are expected to stand pat at Thursday’s 3 p.m. trading deadline for the second straight year.

The reasons are partly because of their awkward mix of contracts and partly because the franchise feels it can topple the defending-champion Miami Dream Team without a deadline deal. Nevertheless, that sentiment was put to the test last night when they were humiliated out of the All-Star break in a 125-91 horror show against the Pacers.

“We had early success against Miami,’’ coach Mike Woodson said, whose team whipped the Heat twice by 20 points earlier this season. “That’s all well and good. But when you get in a seven-game series, that’s different. Anything can happen. Injuries can occur, guys can lose confidence. But if we’re healthy, yes, we have an opportunity to beat Miami or anybody in the East.’’

Knicks general manager Glen Grunwald is in New York with his staff and has until the 3 p.m. deadline to see if anything new arises.

“They’re not even waiting on anything,’’ one person familiar with the Knicks’ thinking told The Post before the massacre. “It’s pretty safe to say they’re not making a deal.’’

The roster adjustment could come after the deadline if players get bought out — if big men Rasheed Wallace and Marcus Camby are deemed unfit to finish the season. Jermaine O’Neal of Phoenix could be a buyout candidate and the Knicks are monitoring Kenyon Martin, already a free agent. The Knicks hope Timofey Mozgov gets bought out, but that’s unlikely. They have no interest in recently released Lou Amundson.

Asked yesterday by The Post if the current 15 is good-enough to beat the Heat, Woodson said at full strength they are. The Knicks have whipped the Heat twice by 20 points.

“We had early success against Miami,’’ Woodson said. “That’s all well and good, but when you get in a seven-game series, that’s different. Anything can happen. Injuries can occur, guys can lose confidence. But if we’re healthy, yes, we have an opportunity to beat Miami or anybody in the East.’’

The latest Knicks Internet rumor had Atlanta’s Josh Smith coming to the Knicks for Iman Shumpert and Amar’e Stoudemire.