My immediate reaction to news that Rasheed Wallace would have surgery with an eight-week recovery was "Okay, cut him. Keep him around because he's a wonderful creature, but cut him from the roster". The Knicks, at least right now, seem to disagree:

Nate Taylor @ByNateTaylor

The Knicks will keep Rasheed Wallace on their roster. Team says it's possible he could play in the playoffs.

Ian Begley @IanBegley

League source with knowledge of team's thinking expects the #Knicks to keep Rasheed Wallace on the roster for the rest of the season.

Now, I think I can see the Knicks' logic. I imagine they fear a Sheed-less scenario in which the Knicks are battling through a game seven (probably in the Finals, since we're thinking like the Knicks right now. Maybe even the World Series),Tyson Chandler picks up his fourth foul, Marcus Camby has long since been sidelined with more plantar fasciitis, Kenyon Martin got ejected for biting a ref, and a front line of Amar'e Stoudemire and Steve Novak is getting beaten senseless around the rim. Sheed's sitting behind the bench, antsy because he feels like he could get out there and make some stops, but alas, they previously cut him to make space for Beaugregory Fitzroy, who sucks.