Josh Hart became eligible to sign an extension on Aug. 9, and it didn’t take long for the New York Knicks to finalize a deal with the 28-year-old. Hart opted into his $12.9 million player option for 2023-24 and is now set to make $94 million over the next five years.
He was eligible to sign a four-year extension worth up to $81.3 million, and he and the Knicks ultimately agreed to that number. It’ll kick in at the start of the 2024-25 season.
Hart already did New York a favor by accepting his option for the upcoming season, as it helped give the organization the financial flexibility to sign Donte DiVincenzo. There wasn’t a question as to whether or not the Knicks would extend Hart, but now that it’s been reported that the two sides are finalizing an extension, let’s take a look at the breakdown.
Cap hits for Josh Hart’s four year, $81.3 million maximum extension:
— Yossi Gozlan (@YossiGozlan) August 9, 2023
2024-25: $18.14 million
2025-26: $19.60 million
2026-27: $21.05 million
2027-28: $22.50 million
He cannot be traded six months. https://t.co/RFI53tRI1O
Josh Hart and New York Knicks finalizing four-year, $81 million extension
The Josh Hart extension was not only the right move for the Knicks to make, given his positive impact on the court, but from New York’s financial viewpoint, it’s a great move. He’s one of the best rebounding guards in the league, and he can score, although his lack of a three-point shot in the playoffs was a concern.
Hart is a vital part of the Knicks’ bench depth, and he’ll continue to be in that role for the foreseeable future. As noted, he can’t be traded for six months. New York is in the position to trade for a star, and that’s a move that the front office could wait to make until next summer when a couple of big names could be on the market.
Regardless of what the future holds, Hart’s extension is good value.
If I'm reading both these numbers and Spotrac's future salary cap projections correctly (and if I'm not, please let me know), Hart's new deal would account for less than 13% of the Knicks' cap figure each year going forward. Seems like a pretty good value for a good player. https://t.co/pvATLIFMFX
— Dan Devine (@YourManDevine) August 9, 2023
He fit in seamlessly with New York after being acquired in a trade in February and had already established chemistry with Jalen Brunson from their time together at Villanova. Their bond was evident as soon as they shared the court as Knicks. DiVincenzo’s arrival will only make that chemistry stronger in 2023-24.
New York parted with a 2023 protected first-round pick to Portland in the trade for Hart, but that was a low price to pay. Josh Hart’s four-year extension is another smart move by the front office, who are committed to building a winning Knicks roster.
Grade: A
3 Reasons why the Knicks won’t regret extending Josh Hart
Examining why a potential Josh Hart contract extension will prove beneficial for both himself and the New York Knicks long-term.