Knicks Rumors: Reasons To Love The Lance Thomas Re-Signing
5. Low Cost
Of the long list of moves Phil Jackson executed during the summer of 2016, few compare to the signing of Lance Thomas. Not only was re-signing Thomas a priority of fans, analysts, and executives alike, but it came at a wonderfully affordable cost.
As countless other career role players were handed contracts in the $48 to $70 million range, Jackson managed to land Thomas on a bargain deal.
Lance Thomas' contract is a 4-year deal with standard raises of 7.5 percent, sources say. Starts at around $6.1 million.
— Ian Begley (@IanBegley) July 5, 2016
Based on the reported starting salary and the 7.5 percent annual increases, the total value of Thomas’ contract projects to be $27.3 million over four seasons.
Thomas isn’t a star on the rise, one could say the same for many players who were handed massive contracts during the summer of 2016. Thus, the fact that New York has Thomas on the roster for the next four affordable years is a blessing.
It’s also a proof that Thomas was willing to take the, “Hometown discount,” to remain with the Knicks—a sign that he really wants to be here.
By re-signing Thomas for $27.3 million over four seasons, the Knicks have created significant flexibility in future seasons. The salary cap will stabilize once it rises in 2017-18, which makes affordable contracts invaluable.
Re-signing Thomas has been a unanimously praised decision, but it’s the contract he was signed to that’s truly spectacular.
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