Contract extension talks between the Knicks and Karl-Anthony Towns have been ongoing this offseason after Towns played a huge role in helping New York capture its first championship in 53 years.
According to SNY NBA Insider Ian Begley, there’s been plenty of dialogue between the two sides, and those conversations have been positive, with the Knicks making it known they think highly of the big man and want him in New York for a long time.
As far as numbers go, during negotiations the Knicks have discussed extensions starting between $45-$50 million a year. Obviously, no deal has come to fruition yet. ESPN reported earlier Wednesday that the Knicks and Towns had hit a snag in negotiations.
Towns will earn $57 million this season and has a player option worth $61 million next year. The Knicks have until June 30 to extend Towns. Josh Hart and Miles McBride are also eligible for extensions.
Jalen Brunson will presumably be getting a new contract in the 2028 offseason. So if Hart and Towns extend, the Knicks’ starting five will command a significant percentage of the salary cap.
New York will not spend beyond the NBA’s second apron ($221.6 million) in team salary this season, according to owner James Dolan. If the club takes that stance in future seasons, it will be challenging to extend Towns and Hart while also extending McBride. McBride is set to be an unrestricted free agent this summer.
Training camp for the defending champs opens next week.
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