As New York fans we always turn to prematurely turn KP to a deity and then prematurely write him off once he starts to fall back down to Earth. This has now happened every year of KP's career and while it's a little bit concerning, it's also important to remember that he's still working out his kinks as a well-rounded 82-game-a-season player and also that there are positives to take away from it all as well.
If you take a look at KP's career thus far, he has started off every year strong and trailed off after the New Year, BUT the good news is that he has been able to work on himself enough in the offseason to make the player everybody went crazy about in the beginning of the season his new baseline and build off of it from there.
Like his rookie year, he was putting up close to 20 a game and looking like the ROY and then he trailed off, lost ROY to KAT, and finished the season averaging just short of 15. Then last year he started the year looking like he'd make the all-star game and average 20 a game only to trail off, not make the all-star team and averaging 18 and change. This year he came out the gate looking like an unstoppable MVP candidate only to trail off once again and become a consistent 20 PPG scorer/all-star.
So if you go by that path, it would be realistic to assume KP's next jump is to become the player we saw in the beginning of the season on a more regular basis. Maybe next year he'll have a season like Giannis is right now, where he came out absolutely scorched earth and has sort of fallen back to form (some) while still establishing himself as a legit superstar/all-star game starter and likely at least 2nd-team all-NBA type player.
So I wouldn't be too discouraged by Porzingis' recent regression, especially when you consider that by the beginning of the following season he has always come back much improved and put his previous season's late-season regression to rest, until it happened again, but with a new and improved baseline.
But hopefully the Knicks will also do their part to make sure KP regressions stop becoming commonplace as well. I mean, he certainly has to take some accountability for it himself and then there's definitely some of it that still comes with getting used to the rigors of the NBA schedule, and now getting used to being a #1 in the NBA, and also coaches having more to go on defensively as the season picks up. But the more support we put around him should help him out greatly as well. Particularly at PG, and that's gotta be the hope for Frank starting next season.
It's also great to see that at least his defense is becoming a consistent bonus all year, and I truly hope him finishing at or near the top of the League in shot blocking this season would finally encourage the front office that they don't need yet another RoLo/Noah/Kanter to start next to him at center. I think moving him to the 5 would benefit him in almost all areas of his game besides posting up and defending post players, which almost nobody regularly does anymore, besides the Knicks.
I think playing the 5 would improve KP alot as a rebounder as he'd stop playing so far away from the basket and relying on someone like Kanter for rebounding help and also giving up the easy boards to. And it'd especially benefit him offensively where the faster team pace of not having a low-post center on the floor at all times should benefit his style of game in itself.
But his individual mismatch nightmare as a perimeter oriented 5 is much greater / more modern than his mismatch potential as an extremely tall 4, which as we have seen lately is frustrating due to the amount of post ups / midranges it leads to instead of 3s / drives/ pick and rolls, and leaves him wayyy more susceptible to double teams - ESPECIALLY with another center in the paint with him.
But the point is, as usual, try to stay thinking rationally and not get too discouraged right now over Porzingis or other young guys on the team.