Impressive Season, Expensive Decisions
The New York Knicks just finished one of their finest seasons ever, boasting 50 wins and coming in as Second Seed of the Eastern Conference for only the second time since 2000. Now, the team faces a different kind of challenge – player contracts, negotiation, and important financial decisions.
Financial Snapshot of Knicks’ Salaries
Heading into the offseason, the Knicks already have $123 million committed to contracts for the 2024-25 NBA season. With the salary cap currently set at $141 million, they’ve already dedicated 87% of their funds to only seven players. Julius Randle will receive $28.9 million, Jalen Brunson will rake in $25 million, and Bojan Bogdanovic has a solid $19 million coming his way. The other guaranteed contracts include Josh Hart at $18.1 million, Mitchell Robinson at $14.3 million, Donte DiVincenzo at $11.4 million, and Miles McBride at $4.7 million.
Big Questions with Key Assets
Despite these substantial commitments, the Knicks face major questions with two key free agents poised to test the market: OG Anunoby and Isaiah Hartenstein. Anunoby, whom the Knicks traded two franchise players to acquire, is expected to pass up a $19 million player option to enter the market. Hartenstein, who impressed the league with his performance, is also due for substantial raise.
Assessing the Anunoby Puzzle
But, the situation grows more complex with Anunoby. If allowed to sign elsewhere, it would be one of the Knicks’ most significant missteps given what the team traded to acquire him for what now appears as a half-season rental. His re-signing won’t come cheap; a similar 75% raise to Hartenstein would lead to a $34.9 million first year and a five-year total of $202 million.
Recall that Anunoby’s former teammate in Toronto, Pascal Siakam, just signed a $189 million four-year extension deal with the Pacers, aligning his pay with top player Tyrese Haliburton. Yet it’s hard to imagine the Knicks didn’t have a contract extension in mind for Anunoby as they traded for him. Now, how high are they willing to go?
Keeping Up with the Market’s Standards
Consider what other teams are doing. Derrick White of the Boston Celtics is slated to receive a four-year, $127 million deal to stay, and even though he’s not the team leader, his services are vital. Similarly, the Timberwolves recently signed Jaden McDaniels to a five-year, $131 million extension, despite him ranking as the fourth-best player on the team.
Team Recap and Future Implications
So, if the Knicks retain Hartenstein and modestly re-sign Anunoby for $25 million annually, they’ll be spending $164 million on just nine players. They’d still need to finish their roster using leftover funds, free agents, and draft picks, leading to more significant spending and potentially diving into the luxury tax lane.
Touches on Team Health Concerns
Moreover, health has been an issue for the Knicks. Four out of nine players, including Anunoby, did not maintain healthy states throughout the playoffs. Three players – Randle, Robinson, and Bogdanovic – had to undergo season-ending surgeries.
The Challenge of Growing the Roster
The bottom line is that the Knicks need improvement to keep up with Eastern Conference powerhouses, despite their remarkable last season. They must make tough decisions, beginning with Anunoby and Hartenstein. Keeping these players could strain them financially, but letting them go might result in a downside. Their choice will set the tone for the future of Knicks and their pursuit of a championship.