Knicks Announce They’re Pausing All Extension Negotiations

“As an organization, our entire focus is on preparing for the upcoming season and delivering another year for our fans to be proud of,” the team’s statement reads. “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.”

Big man Karl-Anthony Towns, forward Josh Hart, and guard Miles McBride are currently eligible for extensions, as is guard Tyler Kolek.

Towns admitted earlier this week that he has been frustrated by his contract extension negotiations with the Knicks, telling reporters that he and the team weren’t close to reaching a deal and that he was surprised there was such a significant gap between the two sides on the heels of a championship season.

Reports have indicated that New York’s offer to Towns is in the range of four years and $200MM. The star center, who will earn $57.1MM in 2026/27 and holds a $61MM player option for ’27/28, is eligible for a max extension worth a projected $276MM over four years. He’s said to be willing to accept less than his max, but he and the Knicks haven’t gotten close to a compromise.

Hart is considered New York’s other prime extension candidate. He spoke about his contract situation at media day last month, acknowledging that he’d prefer to get a deal done sooner rather than later and suggesting that extension standoffs can “wear people down” if they remain unresolved indefinitely.

“Hopefully, we can figure that out,” Hart said at the time. “We know it’s a business and we know if some of these things aren’t figured out by February, it might be a different conversation.”

While McBride and Kolek are also extension-eligible, they’ve been considered less likely to sign new contracts in the short term. Kolek has yet to establish himself as a consistent rotation player, while McBride is likely in line for a significant raise on his $3.96MM salary after having played a consistent role in New York’s backcourt in recent years.

Team owner James Dolan’s mandate that the Knicks stay out of the second tax apron has complicated their various contract negotiations. The club is carrying several other sizable contracts – OG Anunoby, Jalen Brunson, and Mikal Bridges are earning a combined $113.7MM this season and that number will increase in future years – and would risk moving into second-apron territory by signing Towns and Hart to lucrative new deals, even if McBride isn’t retained.

While players who still have multiple years left on their contracts can only sign veteran extensions on or before October 19, vets on expiring deals remain extension-eligible through the regular season, all the way up until June 30, 2027.

Of the Knicks’ four extension-eligible players, only McBride is technically on an expiring contract, but Towns (player), Hart (team), and Kolek (team) all have options for 2027/28, which could be declined as part of an in-season extension.

Postponing extension negotiations until after October 19 means that those options can’t be exercised as part of a new deal unless it happens next offseason. For instance, Towns could pick up his ’27/28 option next June, then sign a contract extension in July. But if he were to sign a new extension in February, it would need to begin in ’27/28, replacing his option.