Karl-Anthony Towns said on Monday, October 5, that a contract extension with the New York Knicks before the season looks unlikely. "It don't look good," he said, speaking in Philadelphia before the Knicks' preseason opener against the 76ers, according to the New York Post's Stefan Bondy.
Towns said he wants "to do something to keep the team together" in a deal that also works for the Knicks and values him, and that negotiations were far from meeting those aims, according to the Post. Hoops Rumors reported that he is open to taking less than the maximum.
The reported offer
The Post reported, citing league sources, that the Knicks have offered Towns about $200 million over four years. ESPN's Shams Charania, citing sources, reported the same approximate figure. The offer has not been publicly confirmed by the Knicks.
Towns is eligible for an extension worth more than $276 million over four years, according to ESPN, while the Post puts the maximum at $277 million. The Post reports that the Knicks' offer is $77 million below the maximum.
Spread over four years, $200 million averages $50 million a year. That is less than the $57.1 million Towns earns this season, according to Spotrac, and in line with the range SNY's Ian Begley reported in September, when he said the Knicks had discussed deals starting at $45 million to $50 million a year.
Where the talks stand
Towns is under contract this season and holds a player option worth about $61 million for 2027-28, so nothing forces a decision before the season. At media day on September 28, he said there was no comfort in waiting. Monday's comments were more pointed.
The offer comes against the backdrop of owner James Dolan's position that the Knicks will not go into the second apron, which ESPN noted again on Monday.
What comes next
The Knicks raise their championship banner on opening night, October 20, against the 76ers at Madison Square Garden. Without a deal before then, Towns will start the season on his current contract.
