There is only one thing that can be concretely said about the Knicks' head coaching search: they are taking their time. It has been three weeks since they dismissed Tom Thibodeau and are still interviewing coaches on the eve of the NBA Draft. While the Knicks only have a second-rounder in the draft, if they do not make a head coaching hire before free agency, they could end up costing themselves in a big way.
If you are a Knicks fan, you have probably heard the term "Thibs guy". Think Josh Hart, Mitchell Robinson, basically any high-effort player who is good on the glass. Those were two qualities that Thibodeau highly valued in a player. If they were talents a player possessed, it would make it more likely that they would want to sign for the Knicks because there was a higher chance that they would play.
They need a coach before free agency begins
Thibodeau's fingerprints are all over the Knicks roster. He had a lot of influence on who the Knicks signed, or the players that they acquired via trades. The Knicks need to decide who their next coach will be before free agency, because it could have a tremendous impact on who wants to play here.
Beyond that, not having a coach could discourage players from wanting to sign at all. The Knicks will likely not have much financial flexibility this offseason. They will be filling out their roster with veteran minimum contracts once again. It will be pretty difficult to convince veterans to come to New York if they don't know who they will be playing for.
The other downside
If the Knicks go through free agency with Leon Rose making the decisions on who the Knicks fill the roster with, or, in the worst case scenario, James Dolan makes those decisions, the Knicks will then be bringing in a head coach who has to cater to certain players or play styles, not the other way around.
The Knicks are in a unique position where they are the only coaching vacancy in the league. Because of that, they have the ability to take their time and leave no stone unturned. So far, they have done that, checking in on current coaches, interviewing former coaches, and now, interviewing assistant coaches.
That said, the front office and leadership group need to show a bit more urgency. Free agency is around the corner and the Knicks need a coach in place before then.