LAS VEGAS – Jelen Brunson had a chance to sign a nine-figure contract for the second time in his career, but he couldn’t get it done.
Negotiations on a possible extension, if they can be called negotiations, don’t begin until midnight ET on Friday. But long before the legalese is out, the All-Star point guard could speculate on the team’s offer.
The New York Knicks were willing to give Brunson everything they could, even if the deal wasn’t commensurate with his stature.
The team was capped at how much they could pay Brunson, and that figure was set at significantly less than what he would have received if he had waited until he became a free agent in 2025 to re-sign with the team.
Brunson decided long before he was eligible that he wanted to stay in New York. He fell in love with the franchise, valued the security of a dollar today over a dollar tomorrow, wanted to continue playing with Villanova coach Tom Thibodeau and his friends, and wanted to challenge for a title with a team that considered itself a contender this season and beyond.
But by Friday, Brunson had more serious plans.
Instead of prioritizing work, Brunson was spending time with his dear friend and teammate Josh Hart. He held off on re-signing because he wanted to be with the team. He was too busy hanging out with the team.
Make him a statue 🥲
— Josh Hart (@joshhart) July 12, 2024
Brunson signed an extension Friday afternoon, a historic moment for the Knicks. No one in league history has reinvested in a franchise like this.
The extension will pay him $156.5 million over four years, $113 million less guaranteed than he would have received if he had waited until he became a free agent. No player has ever given up that much money, especially one in the early stages of his career.
The NBA’s most famous major discounting cases have come to players who were already making huge salaries. Dirk Nowitzki signed a three-year, $25 million deal to return to the Dallas Mavericks in 2014, when he could have made nearly four times that amount if he had chosen, but Nowitzki was already in his mid-30s. Tim Duncan took a pay cut to play forever for the San Antonio Spurs, but he was already an established veteran at that point.
Instead of hitting the free-agent market a year later and signing a five-year, $269.1 million contract, Brunson opted for a cheaper deal today.
There was a financial argument for why it was worth it to lock in the money. Brunson appreciated the security that the extension would provide. That’s still more money than some CEOs make in a lifetime. He’d rather protect himself from injury.
Signing an extension now would allow you to sign your next extension a year earlier than if you had waited until free agency to sign a five-year deal. That extra 365 days could be significant.
But there’s a reason this is a notable moment: The Knicks are now operating in an era where every high-priced team is subject to a punitive collective bargaining agreement that stifles flexibility.
In dollar terms alone, Brunson has given the largest financial favor in NBA history.
But it’s not close.
He signed with one priority in mind: to do everything he can reasonably do to chase that ring. The Knicks can now move forward knowing that Brunson is under a team-friendly contract through at least 2028. His new deal kicks in for the 2025-26 season, and he has a player option for the final year. All the trappings are included, including a 15 percent trade kicker, according to a league source.
New York’s hopes of staying under the dreaded second apron not only in 2024-25 but also next season and beyond have become much more realistic. Having traded five first-round picks (including four unprotected) for Mikal Bridges earlier this offseason, the Knicks already believe they have a title window open. Brunson’s extension raises the glass even higher, especially through 2026.
Bridges is on a discount contract until then, making $23.3 million this season and $24.9 million thereafter. Brunson will make $34.9 million in the first year of his contract, which will cost the Knicks $153.2 million for nine players: Brunson, Bridges, Hart, OG Anunoby, Mitchell Robinson, Donte DiVincenzo, Miles McBride, Pacome Dadiet and Tyler Kolek. The second apron is expected to make about $207.8 million that season.
Keeping the payroll under $278 million would give the Knicks a valuable asset. Going over that threshold would mean kissing goodbye to the mid-level exception, the ability to make most trades, and more.
Brunson may get a chance to earn back most of the money he gave up. work out As detailed earlier this week, this extension prepares him to become a free agent in 2028 after 10 years in the NBA. He is eligible for the maximum contract a player can receive, a five-year, $417 million contract. If Brunson signs the contract, the gap will narrow with a sharp increase in salary in 2028-29 and 2029-30.
But 2028 is four years in the future. No one knows what will happen between now and then.
Players get hurt, they regress. Small point guards like Brunson are historically prone to such misfortune. For whatever reason, the Knicks might fall apart by then and go in a different direction. They might hire a new front office or coach. This is where the NBA can make huge changes overnight, let alone in four years.
There’s no guarantee that Brunson will get his money back. But of course, he didn’t do this to get rich. He did it to give his team the best chance to win.
(Top photo of Jalen Brunson: Jesse D. Garrabrant / NBAE via Getty Images)
