Karl-Anthony Towns does not expect to sign a contract extension with the New York Knicks before the regular season, and he says the team has not come close to valuing him the way he wants.
“It don’t look good,” Towns said Monday morning in Philadelphia after the Knicks’ shootaround, hours before their first preseason game.
Towns made it clear what he is looking for. “Simply put, I want to do something that can keep the team together and work with the Knicks and also values me,” he said. “None of those things have come close to happening.”
He said he understands how hard it is to keep a championship roster together, but in his view, the Knicks have not done enough to meet him in the middle.
Towns is eligible for a four year extension worth about $276 million. The Knicks have offered around $200 million, according to Stefan Bondy of the New York Post. ESPN’s Malika Andrews reported last week that Towns is willing to take less than his max to stay, but believes the discount the Knicks are asking for is too much.
He is owed $57 million this season and has a $61.1 million player option for next season. If he turns that option down, he could become a free agent next summer.
Money is tight on the Knicks’ side too. Owner James Dolan has said the team will not go into the second apron, the NBA’s highest luxury tax level, which comes with strict limits on how a team can build its roster. Staying under it already cost New York backup center Mitchell Robinson, who signed with the Boston Celtics this summer.
Towns was a big part of the run that ended with the Knicks winning the championship last season, beating the San Antonio Spurs in five games in the Finals. He averaged 15.9 points, 10.6 rebounds and 4.9 assists in the playoffs after putting up 20.1 points and 11.9 rebounds per game in the regular season.
New York acquired Towns from the Minnesota Timberwolves before the 2024 to 2025 season, sending Julius Randle, Donte DiVincenzo, Keita Bates-Diop and a protected first round pick the other way.
The Knicks and Towns can still agree to an extension at any point during the season, but there is no deal close.
