Transactions listed are from July 1, 1976 to June 30, 1977

• July ?, 1976

  Waived Harthorne Wingo.

• August 5, 1976

  Drafted Randy Denton from the Spirits of St. Louis in the dispersal draft.

• September 10, 1976

  Acquired player rights to Jim McMillian from the Buffalo Braves.

• September 23, 1976

  Signed Charlie Criss as a free agent.

• October ?, 1976

  Signed Mo Layton as a free agent.

• October 1, 1976

  Traded Randy Denton to the Atlanta Hawks for a 1977 2nd round draft pick (Glen Gondrezick was later selected).

  Waived Charlie Criss.

• November 10, 1976

  Waived Jim Barnett.

• November 22, 1976

  Waived Neal Walk.

• December 9, 1976

  Traded John Gianelli and cash to the Buffalo Braves for Bob McAdoo and Tom McMillen.

• December 10, 1976

  Waived Mel Davis.

• January 19, 1977

  Signed Dean Meminger as a veteran free agent.

• March 9, 1977

  Hired Willis Reed as Head Coach.

• June ?, 1977

  Waived Dean Meminger.

• June 10, 1977

  Drafted Ray Williams in the 1st round (10th pick) of the 1977 NBA Draft.

  Drafted Glen Gondrezick in the 2nd round (26th pick) of the 1977 NBA Draft.

  Drafted Toby Knight in the 2nd round (32nd pick) of the 1977 NBA Draft.

  Drafted Lloyd McMillian in the 3rd round (54th pick) of the 1977 NBA Draft.

  Drafted Steve Hayes in the 4th round (76th pick) of the 1977 NBA Draft.

  Drafted Bill Terry in the 5th round (98th pick) of the 1977 NBA Draft.

  Drafted Jerry Craycraft in the 6th round (120th pick) of the 1977 NBA Draft.

  Drafted Tom Weadock in the 7th round (140th pick) of the 1977 NBA Draft.

  Drafted Ken Slappy in the 8th round (159th pick) of the 1977 NBA Draft.