The little knob on the 500 f/4 P is to preset the focus so that you can focus at one point then quickly go to the indent for a second focal point. Newer af lenses have electronic presets that do the same with the touch of a button.
This is useful for both sports and in wildlife shooting and allow you to cover two places with this lens.
To disable, simply set the ring to say beyond infinity and tighten the knob. Your focus should be smoother.
HTH,