Karl-Anthony Towns eyes a $276M Knicks extension as the team pauses talks
The New York Knicks opened the preseason Friday with a 111–109 loss to the Washington Wizards, but the number that mattered most never showed up on any box score: Karl-Anthony Towns is eligible for a four-year, $276 million extension, and the team has just pressed pause on even talking about it.
New York confirmed Friday that no extension will be negotiated before 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.”
The gap hiding under that silence is large. Towns can sign for about $276 million over four years, but the Knicks want to land closer to $200 million, a number Towns feels is too low. Guard Josh Hart and, to a lesser degree, Miles McBride are stuck waiting until Towns' deal gets sorted.
The second-apron squeeze
The stalemate is bigger than one star's payday. The NBA's second salary apron, ratified in 2023 and in force since 2024, slaps punitive measures on teams that overspend. Mid-level players have absorbed most of the damage while max contracts and rookie deals stay protected, and owners lean on the apron to hold spending down even as league revenue sits at an all-time high.
The new CBA is good for certain players, right? Max guys, top free agents and maybe rookie extension guys. But other than that, like the middle guys, it kind of sucks for us.
Boston is the loudest warning. After Jayson Tatum's playoff injury, the Celtics moved Kristaps Porzingis and Jrue Holiday, watched Al Horford sign with Golden State and eventually saw Jalen Brown leave too. Oklahoma City shed role players such as Lu Dort, and the Timberwolves were likely dodging the apron themselves when they sent Towns to New York.
Both sides will pick negotiations back up later in the season, so nothing gets settled before opening night. The $76 million difference between the team's target and Towns' max eligibility is what still has to be bridged.