Towns says Knicks extension not close after reported $200 million offer
Karl-Anthony Towns said Monday that a contract extension with the New York Knicks is not close, after ESPN's Shams Charania reported that the team's latest offer was a four-year deal worth approximately $200 million. The offer's annual salaries, guarantees and options were not disclosed.
Towns has been eligible since the NBA Finals ended in June for a four-year max extension that would run through 2030-31. ESPN put that max at $276 million and SI at about $277 million, while Stefan Bondy of the New York Post also reported that the Knicks' offers have been worth around $200 million.
"Simply put, I want to do something to keep the team together and can work with the Knicks and also values me," Towns told reporters. "And none of those things are close to happening."
Asked whether he should be rewarded for last season, Towns said, via the Post: "I just won a championship. You'd think it was pretty easy."
ESPN reported that a max deal would raise major second-apron concerns and that owner James Dolan has shown no interest in going over the second apron. Yahoo reported the Knicks want Towns to accept a $76 million salary reduction, while SI put the gap at $77 million.
Towns is entering the third year of a four-year, $224 million contract, Yahoo reported. SI reported he is set to make $57 million in 2026-27 and holds a $61 million player option for 2027-28, which he can decline to become an unrestricted free agent after the season.
He is one of three Knicks rotation players eligible for extensions. Yahoo reported Josh Hart can sign a four-year extension worth $131 million to $132 million and Miles McBride one worth roughly $60 million over four years.
ClutchPoints' Brett Siegel reported it looks increasingly likely that none of the three will receive an extension before the 2026-27 season starts.
SI reported that Mitchell Robinson, who left for the Boston Celtics this summer, was the only major departure from the title team. Yahoo reported that coach Mike Brown named Towns at practice Wednesday among five players, with Jalen Brunson, OG Anunoby, Mikal Bridges and Hart, who "are gonna play."
Per WAGE, Towns' $53.1 million salary in 2025-26 ranked 11th of 435 rated players and his production 7th, a season total built over 75 games, so the Knicks got more from that salary than it usually buys.
That title season earned a 78 WAGE Score, Smart Money, in line with his 76 career WAGE Score across 11 rated seasons since 2015-16.
Those figures describe what his past salaries bought. They do not say whether the roughly $200 million offer or the max would buy the same, and the reporting does not give the Knicks' payroll against the second apron.