Knicks extension talks are officially on hold. The New York Knicks announced Friday that they won’t negotiate contract extensions with Karl-Anthony Towns, Josh Hart, Miles McBride or Tyler Kolek until later in the season.
“As an organization, our entire focus is on preparing for the upcoming season and delivering another year for our fans to be proud of,” a team spokesperson told ESPN’s Shams Charania. “As a result, we will not be negotiating contract extensions until later in the season and will remain solely focused on preparing for the start of the season.”
All four players are eligible for extensions, and the Knicks have until June 30 to get deals done.
The biggest gap is with Towns. The six-time All-Star is eligible for a four-year extension worth about $276 million, but the Knicks’ latest offer was about $200 million over four years, according to Charania. Towns is owed $57 million this season and has a $61.1 million player option for 2027-28.
Towns didn’t hide his frustration on Monday. “It don’t look good,” he said. “I want to do something that can keep the team together and work with the Knicks and also values me. None of those things have come close to happening.”
His value to the team isn’t in question. During last season’s playoff run, Towns averaged 15.9 points, 10.6 rebounds and 4.9 assists as the Knicks beat the San Antonio Spurs in five games in the NBA Finals, ending a 53-year title drought.
Hart is in a similar spot. He’ll make $20.9 million this season, and the Knicks hold a $22.3 million team option for 2027-28. He’s eligible for a four-year extension worth around $132 million and had said he hoped to get something done before the season started.
Charania said on ESPN that the Knicks are trying to remove the distraction hanging over the team. “KAT, Josh Hart, they’ve wanted the Knicks to come back to the table, to negotiate a deal in good faith, and to try to get something done before the start of the season,” he said.
Pushing the talks back comes with a catch. Yahoo Sports reported that in-season extensions can only happen for players on expiring contracts. That means Towns would have to decline his player option, and the Knicks would have to decline their team options on Hart and Kolek, before new deals could be signed.
ClutchPoints reported that the Knicks are not actively shopping Towns or Hart. Shortly after the announcement, both players posted messages of appreciation for New York on social media without mentioning their contracts, according to Newsweek.
For now, the defending champions will start their title defense with four key players still waiting to learn what their futures look like.
