Jan 30, 2024; New York, New York, USA; New York Knicks head coach Tom Thibodeau reacts during the fourth quarter against the Utah Jazz at Madison Square Garden. Mandatory Credit: Brad Penner-Imagn Images Brad Penner-Imagn Images

New York Knicks Owe Tom Thibodeau A Lot Of Money

Originally posted on Fastbreak on SI | By Ben Stinar | Last updated Jun 3, 2025 7:19 PM ET

The New York Knicks had a very successful season where they reched the Eastern Conference finals for the first time in 25 years.

Head coach Tom Thibodeau helped oversee a massive turnaround for the franchise where they made the NBA playoffs in four out five seasons.

However, Thibodeau was fired on Tuesday.

Following the news, SNY's Ian Begley reported that the Knicks still owe Thibodeau a lot of money.

Via Begley: "Worth noting: Knicks owe Tom Thibodeau at least $30 million guaranteed on his recently-signed extension, per sources. Also worth noting: NYK won a playoff series in 3 straight years under Thibodeau: from 2001 to 2020, they won just 1 series. He built winning foundation here."

Worth noting: Knicks owe Tom Thibodeau at least $30 million guaranteed on his recently-signed extension, per sources. Also worth noting: NYK won a playoff series in 3 straight years under Thibodeau: from 2001 to 2020, they won just 1 series. He built winning foundation here.
— Ian Begley (@IanBegley) June 3, 2025

The Knicks beat the Detroit Pistons and Boston Celtics in the first two rounds before losing to the Indiana Pacers (in six games).

They were the third seed in the Eastern Conference with a 51-31 record.

Via Spotrac: "The #Knicks gave Tom Thibodeau a 3-year contract extension through the 2027-28 season that reportedly guaranteed him $30M.

NY will now pay that as a buyout before the extension ever kicked in."

The #Knicks gave Tom Thibodeau a 3-year contract extension through the 2027-28 season that reportedly guaranteed him $30M.

NY will now pay that as a buyout before the extension ever kicked in.
— Spotrac (@spotrac) June 3, 2025

Before the Knicks, Thibodeau spent time at the helm with the Chicago Bulls and Minnesota Timberwolves.

The 67-year-old has never reached the NBA Finals as a head coach.

Via Trevor Lane of Lakers Nation: "Ooof. Knicks have to be VERY convinced that Thibs isn’t the guy to get them a title if the choice is to pay him $30 million to not coach their team"

Ooof. Knicks have to be VERY convinced that Thibs isn’t the guy to get them a title if the choice is to pay him $30 million to not coach their team https://t.co/RTTCSbBQps
— Trevor Lane (@Trevor_Lane) June 3, 2025

This article first appeared on Fastbreak on SI and was syndicated with permission.

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