The Blazers signed Felton, a free agent, before the deal. The seven-year pro from North Carolina put up averages of 11.4 points, 6.5 assists and 2.5 rebounds per game for Portland last season.
The 39-year-old Thomas averaged 3.0 points and 3.5 rebounds per game in 2011-12. He played seven seasons with New York from 1998-2005.
Jeffries averaged 4.4 points and 3.9 rebounds per contest for New York last season, while the 10-year veteran Gadzuric appeared in just two games for New York.
Meanwhile, a report Monday indicated the Knicks would likely not match a three-year, $25.1 million offer sheet from the Houston Rockets for Lin.
ESPN, citing two unnamed sources close to the team, said the Knicks were going to let the popular guard walk away after the Tuesday deadline to match the offer.