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This time, Knicks owner James Dolan used his wallet in the name of the draft. In obtaining two first-round picks, the Knicks, getting slightly younger and more athletic, agreed to take on another $25 million in payroll at yesterday’s trading deadline.

When you get through all the rubbish of the Knick trades, Isiah Thomas used starting center Nazr Mohammed to get back power forwards, Houston’s Maurice Taylor and San Antonio’s Malik Rose and two late first-round picks – one this June, one in 2006. The draft picks were the key.

The Knicks got more expensive and shorter, as Kurt Thomas became their starting center in last night’s 113-101 win over Philly, using eight men. But Thomas accomplished what his aides had said he wanted – primarily to get younger and net draft picks. The Knicks will have two first-round picks this year and two next year.

Odds are, Thomas will have a mid-range lottery pick – about seven – but he is expected to try to package the two picks with another player to move up nto the top three with a shot at 7-foot Australian center Andrew Bogut or North Carolina swingman Marvin Williams. Isiah said he’ll have “creative ability in the draft.”

Mohammed, meanwhile, was playing with an injured groin and has been grossly ineffective the past seven weeks. Goners Vin Baker, Moochie Norris and Jamison Brewer were dead wood.

“I never thought I’d never have the opportunity to trade [Nazr] for two first-round picks,” Thomas said. “And I like the player I’m getting back [in Rose]. The way we’re going to rebuild our team, we’re trying to get younger, more

athletic and we also got a better future in padding draft picks. Over the next two years we have four first-round picks. We have a chance at four young players.”

The four departing Knicks will have their contracts expire after next season, using that as bargaining chips. Meanwhile, Taylor has two years left after this, Rose three years. The Knicks saved San Antonio and Houston money, as usual. Thomas still has summer trading pawns for sign-and-trades when 7-3 center Zydrunas Ilguaskas becomes a free agent, with Tim Thomas and Penny Hardaway entering their expiration year.

The Knicks were going nowhere with Mohammed, who had an excellent December but slumped the past six weeks, benched Monday in Detroit. “When I look at what a true center – Nazr did a great job – but we still needed to get better at that position and we still need to get better,” Thomas said. “When I look at the way a lot of teams are playing with power forwards as opposed to centers, until you find someone who’s a true center that can dominate the paint like Shaq, better off having good solid basketball players and today we upgraded our team. This didn’t increase our size but it gave us more players who can play.”

Taylor, 28, is a gifted low-post scorer, but he’s been in Rockets coach Jeff Van Gundy’s doghouse, stashed on the injured list since Jan. 18 for awful defense. Rose is a hard-nosed defender.

On Wednesday, The Post reported that Thomas and Mohammed were the two players getting the most action on

inquiries.

However, Thomas wanted draft picks if he had to take on more payroll, something Dolan did not want to do.

In the Spurs’ deal, the Knicks obtained Rose and two first-rounders for Mohammed and Brewer.

The pick this year is owned by Phoenix, so it’s likely in the late 20s. The Rocket deal saw the Knicks rid themselves of benchwarmers Baker and Norris while giving up a 2006 second-rounder.

Mohammed was key to the Keith Van Horn deal last February, but at age 28, he was never going to emerge an All-Star.

Mohammed lacked toughness, shotblocking ability and had no post game.

Kurt Thomas, whom the Rockets wanted more than Mohammed, isn’t looking forward to returning to center. “Not really happy about that,” Thomas said. “I thought I was having a good year at the 4 spot.”

The Knicks have a flood of power forwards and no center other than project Bruno Sundov.

The Knicks nearly acquired Rose for Kurt Thomas at last February’s trading deadline.

Meet the new Knicks

Maurice Taylor

HEIGHT: 6-9

WEIGHT: 255

POSITION: Forward.

AGE: 28

BORN: October 30, 1976, Detroit, Mich.

COLLEGE: Michigan

BY THE NUMBERS: Taylor has played in 38 games, starting 16. He’s averaging 7.8 points, 4.3 rebounds and 23.8 minutes.

Malik Rose

HEIGHT: 6-7

WEIGHT: 245

POSITION: Forward

AGE: 30

BORN: November 23, 1974, Philadelphia, Pa.

COLLEGE: Drexel

BY THE NUMBERS: A reserve in San Antonio, Rose played in 50 games this season, but started just one. He’s averaging 6.3 points, 4.5 rebounds and 17.2 minutes.

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