Report: Key Knicks addition not planning to extend his contract this season

The New York Knicks will likely have to wait until next offseason to put pen to paper with one of their top summer additions.

Veteran NBA writer Marc Stein reported on his Substack over the weekend that new Knicks forward Mikal Bridges plans to wait until after the 2024-25 to extend his contract with the team. Stein notes that Bridges, by doing so, will be eligible for a larger sum (four years and an estimated $157 million).

The 28-year-old Bridges, who averaged 21.2 points a game over the last two years with the Brooklyn Nets, was acquired by the Knicks in a blockbuster trade in June. The Knicks had to give up a treasure trove of assets to get Bridges, so they would obviously like to extend him sooner than later.

All indications are that Bridges is very happy with the move to the Knicks (where he will now be playing with his former Villanova teammates Jalen Brunson and Josh Hart), so this may just be a case of him making the right business move for himself. But there were reports earlier in the offseason that Bridges might be willing to extend his contract earlier and for fewer years in order to save the Knicks some money. From Stein’s report this week, it appears that may no longer be the case.

As it stands right now, Bridges is signed for $23.3 million this season and $24.9 million in 2025-26. The Knicks are right up against the second apron of the luxury tax, but that does not affect their ability to re-sign or extend their own players. Where the financial constraints may come into play is with their ability to fill out their roster with outside free agents in future years. But even with the Bridges situation hanging over their heads, the Knicks did recently get a major helping hand monetarily from franchise player Jalen Brunson.