The Knicks are staring at a contract call that could shape everything around their title core, and the clock is already ticking. With the regular season opener coming on October 20 against the Philadelphia 76ers on ring night, New York has about a month to figure out Karl-Anthony Towns’ extension before the situation gets messier.
Towns is set to make $57.0 million this season and holds a $61.0 million player option for the 2027-28 campaign. If he turns that down, he could hit unrestricted free agency next summer. The Knicks can offer him a maximum four-year, $272 million extension, but that number runs straight into the reality of the second apron era and owner James Dolan’s refusal to spend into it.
That’s the bind. New York won the championship, but Mitchell Robinson is gone in free agency, and that makes Towns even more central to what comes next. The Knicks need common ground on a lower number if they want to keep room to build around the core they just used to win it all.
And Towns just gave them a pretty strong argument for paying him.
Under head coach Mike Brown, he accepted a smaller role. He played a career-low 31.0 minutes per game and posted his lowest scoring average since his rookie season.
In the playoffs, his scoring dipped again, but his playmaking went up. He defended better, shot better, and became a two-way force.
Towns was the anchor of a championship defense, and New York dropped only three postseason games on its way to the title.
It wasn’t his loudest statistical season, but it may have been his most valuable. He adapted to what the Knicks needed, and the payoff was a parade.
Still, the financial picture is ugly. The NBA’s cap changes helped some, but New York is only $9.3 million under the second apron in the 2027-28 season with just ten players under contract. If the Knicks want flexibility to add pieces, Towns’ $61.0 million number has to come down.
And he’s not the only one due for a payday. Josh Hart is extension-eligible right now.
Jalen Brunson and OG Anunoby are both set for new contract discussions next summer. Those raises would be easy to justify after snapping New York’s title drought, but the second apron makes easy impossible.
The league has already shown what this can look like. Fans have watched the Celtics and Thunder lose parts of their championship rosters to stay below the line.
New York already felt the squeeze when Robinson left, and keeping the full starting group together will require discounts. That’s why the next month matters so much for Towns and Hart.
The market only adds more pressure. Big men are expensive, and getting more expensive.
The Lakers gave up two first-round draft picks and two swaps to land Walker Kessler, while backup center Jock Landale got $14.1 million in free agency from the Hawks. Size is at a premium, and Towns is going to have options if he reaches the open market.
The Clippers are one of the teams positioned to make a run at him, with money to spend and no draft capital after their recent punishment. A move to Los Angeles would give Towns leverage over the Knicks, and they wouldn’t be the only team trying to lure the six-time All-Star away from New York.
That’s why the Knicks can’t afford to let this spill into the season. If Towns opens the year without an extension, the incentive to play on his own terms only grows.
He could chase big numbers instead of settling into the role that helped New York win a title. Once that happens, the price gets even harder to manage.
The Knicks need him. They don’t have the assets to trade for another elite center, and they need a big man who can deal with Victor Wembanyama, Chet Holmgren, Evan Mobley, Joel Embiid, and the rest of the league’s top centers. Robinson is gone, and Towns is the answer they can’t really replace.
So the message from New York should be simple: here’s the plan, here’s how taking less helps keep the group intact, and here’s why it matters now. The Knicks have one month to make that case and get a deal done before opening night. If they wait, the risk only climbs.
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