Under the current front office regime, the New York Knicks have either extended their own players or traded them before they entered free agency. Karl-Anthony Towns’ contract situation may force them to deviate from that strategy.
The 30-year-old is eligible to sign a new deal that could be worth up to four years and $272.8 million extension. Virtually everyone agrees the Knicks will not offer him that much, and that he needs to accept a pay cut from his $61 million player option in 2027-28 if this core has a prayer of sticking together beyond next season.
Whether New York can count on Towns to take a discount remains to be seen. He may not want to after establishing himself as not just a championship center, but the NBA’s foremost Victor Wembanyama foil.
Even if he is willing to take less, there’s no guarantee his idea of a pay cut aligns with the Knicks’ own thinking. The two sides could come to the table, and determine they are too far apart for an extension to get done. And at that point, New York would be charting an unfamiliar course.
The Knicks have established a clear pattern
Over the years, Leon Rose and the Knicks have refused to let key players hit the open market.
RJ Barrett was extended. Immanuel Quickley was traded ahead of free agency. Julius Randle was shipped out with one guaranteed year left on his deal. Mikal Bridges signed an extension.
Most believe Deuce McBride will be giving his walking papers by the February trade deadline with his own free agency on the horizon. Even Josh Hart picked up his own player option just before 2023 free agency, and signed an extension.
New York has followed this blueprint with almost no exception. It let OG Anunoby technically hit the open market in 2024, but that was only because his contract was too cheap to extend.
Mitchell Robinson looms as the lone real exception. The Knicks let him hit unrestricted free agency rather than ink him to an extension, and he left.
Towns is different. Robinson is an oft-injured backup big man. KAT is an All-NBA star with a generationally unique skill set at his position. The stakes with him are inherently higher.
New York has no choice but to change its priorities with Towns
Extending Towns ahead of next season should be Priority No. 1. That isn’t up for debate. Even if he doesn’t take a massive discount, locking him up now gives the cap-sheet aficionados more clarity to work with as they map out the team’s books.
In the event the Knicks don’t get him to sign on the dotted line, well, they have to let his future play out through to next summer. Emphasis on have to.
Unlike the players New York has previously traded, Towns cannot be readily replaced. Never mind the Knicks’ lack of financial flexibility. Seven-footers who can effectively stretch the floor and initiate the offense do not grow on trees. The version of Towns we saw during the NBA Finals isn’t even from this planet.
No matter how much of a premium the front office places on certainty and asset management, it has to put more stock into a viable title defense. The Knicks’ championship chances plummet without Towns.
If he doesn’t sign an extension, they will keep him. Yes, it could become a distraction talking heads return to throughout the season. It doesn’t matter. The Knicks will keep him anyway. This time, unlike all the others, they have no choice.
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