Billy Knight resigned Wednesday after five years as Atlanta Hawks Executive Vice President and General Manager, effective July 1st. Knight joined the organization in 2002 as Director of Basketball Operations, before taking over for Pete Babcock as General Manager in April 2003.

After a disastrous 13-69 record in Knight’s second season, the Hawks improved each of the past three years, reaching the playoffs this season for the first time since 1999. They bowed out to Boston in a surprising seven-game first round series. Atlanta issued a press release on the announcement:

“The time has come for me to take a break and fully evaluate my future plans,” said Knight. “I am tremendously pleased with what we were able to accomplish this season in reaching the postseason, as the Hawks’ return to the playoffs energized the city and our franchise. My passion for the franchise has never wavered, but I feel I’m leaving the organization in much better shape than it was in when I took over.”

The 55-year-old Knight receives mixed reviews for his overall draft record, but he may be most remembered for passing on point guards Chris Paul and Deron Williams in the 2005 draft, opting for North Carolina forward Marvin Williams with the second pick. As Paul and D. Williams have ascended into NBA All-Stars, Marvin Williams has yet to realize the potential that impressed scouts enough to call him the most talented player prior to that draft. Still in need of point guard help three years later, Atlanta traded for Mike Bibby this season.

Less publicized, Knight selected Duke center Sheldon Williams in 2006, who was sent to Sacramento in the Bibby trade, ahead of Rookie of the Year Brandon Roy and budding superstar Rudy Gay.

Those two drafts combined with the failed free agent signing of Speedy Claxton for four-years, $25 million, slowed down the Hawks rebuilding process. Claxton has played only 42 games for Atlanta the past two seasons, and may retire before next season.

Atlanta improved to 37-45 this season, largely thanks to two major trades and two draft classes under Knight. The 2004 draft yielded Josh Smith and Josh Childress, while Knight snagged Rookie of the Year runner-up Al Horford and Acie Law last year. Atlanta acquired leading scorer Joe Johnson in a 2005 sign and trade with Phoenix. Bibby, the last piece to this season’s playoff team, came over in mid-season.

Knight’s successor takes over a team loaded with potential:

“Billy has built a team of athletic, high character players who have enormous potential,” said Atlanta Hawks co-owner Michael Gearon. “Under his leadership, the Hawks were not only the youngest team in this year’s playoffs, but have also proven to be the most exciting team Atlanta has seen since the Dominique (Wilkins) era of the 80's. We look forward to building on Billy's success as we continue our efforts to emerge as one of the NBA's elite franchises for a long time to come.”

The Hawks have $51 million in salaries committed to eight players next season. Childress and Smith are both restricted free agents. If injuries force Claxton to retire prior to the season, it will reduce the 2008-2009 payroll by $5.8 million.

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Michael J. Senno is a staff member of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey.