Only the New York Knicks could crush the vibes of a championship run before even beginning their title defense season. Four notable members of the team, Karl-Anthony Towns, Josh Hart, Miles McBride and Tyler Kolek, are eligible for contract extensions. While keeping the whole team together was always going to be a long shot, the Knicks announced on Friday that they would be tabling all talks until later in the season, forcing all four players to open the season with uncertain financial futures.
But what does this actually mean for the Knicks? Here are three quick takeaways on New York's sudden financial predicament. For now, the question with Towns remains less about whether he'll get a new deal from the Knicks and more about what that new deal will mean for everyone else.
There is no other offensive center like him in basketball that has not already won an MVP or will inevitably win one in the near future. New York let its only other viable starting center option, Mitchell Robinson, leave in free agency, and as we've learned from deals involving players like Ivica Zubac and Walker Kessler, getting a high-end starter at center, even below the superstar level, costs draft capital the Knicks frankly do not have. They'll figure something out with Towns.
It's just a matter of when and what. The Knicks have hoped to get Towns to take a substantial discount, as Jalen Brunson has. While he seems receptive to taking a deal below his $276 million max, the Knicks have seemingly not come close to an actual deal for him.
While Friday's news doesn't necessarily preclude a below-market agreement down the line, it does deprive the Knicks of a critical bit of flexibility in how that deal is structured. Players with multiple years left on their contracts cannot extend during the season. Before the season, however, extensions are fair game.
This matters for Towns because he has a $61.6 million player option for the 2027-28 season. If Towns and the Knicks had gotten a deal done before the season, they could have essentially used that option to front-load Towns' new contract and have his salary decline meaningfully from there. However, should he sign an extension during the season, he would have to decline that option, and his new contract would have to be more balanced.
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