Knicks’ Tom Thibodeau nearing $100-plus million extension

We’ve been discussing Tom Thibodeau’s contract extension for months now, and it seems like the announcement is finally about to happen. According to NBA insider Marc Stein, who recently updated his newsletter on July 21st, the official announcement of Thibodeau’s extension with the Knicks is expected “in the near future.”

There has been strong speculation that Tom Thibodeau, despite entering the final season of his original five-year contract, will soon sign a new deal that reportedly will pay him at least $10 million annually. This anticipation has been building for weeks, given Thibodeau’s success in guiding the injury-plagued Knicks to their second 50-win season of the 21st century.

Marc Stein suggested that while the extension has been essentially confirmed for a few months now, there have been reasons for the delay in the official announcement.

Thibodeau initially signed with the Knicks in July 2020, bringing with him a reputation as a coach who maximizes player potential and emphasizes a hard-working ethos, qualities highlighted by team president Leon Rose upon his hiring.

Since then, Thibodeau has compiled an impressive record of 175-143 in regular-season games, boasting a .550 winning percentage. His playoff record stands at 14-15, including two first-round exits in three postseason appearances.

Reports earlier in June indicated that Thibodeau was in line for a significant salary increase to at least $10 million per year, aligning him with other top-paid NBA coaches such as Steve Kerr, Gregg Popovich, and Erik Spoelstra.

While Thibodeau may not have the championship pedigree of some of the league’s highest-paid coaches, his impact and stature in the coaching ranks are undeniable.

Currently earning $8 million annually, Thibodeau’s prospective extension could potentially be one of the most pivotal moves made by the Knicks front office, underscoring their commitment to his leadership and the team’s future success.