Tom Thibodeau of the Knicks is “definite” to sign an eight-figure contract extension. Full bag for Thibs, as it should be.
Written by Antonio Losada Jun 3, 2024, 7:00am EDT 20 Remarks / 20 New
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Tom Thibodeau, the head coach of the New York Knicks, “should be viewed” as a lock to receive a contract extension this off-season “at the market rate,” according to league sources who spoke with Marc Stein on June 2. The insider estimates that this amount is roughly “at least $10 million” per season.
We were first made aware of reports in March that Thibs might receive an extension offer after playing 300 games in the regular season for the Knicks. According to Sam Amick of The Athletic, who cited people familiar with the possible agreement, an extension may be in the works.
Amick reported on March 22 that “League sources say [Thibodeau] hopes to secure his future with the Knicks when both sides plan to revisit the topic this summer.” “If things continue this way, the Knicks may find themselves wishing they had made a decision to work with Thibodeau before the recent spike in coaching salaries.”
As coaches hardly ever sign a contract extension before reaching “free agency,” let’s say, Thibodeau is bound to stay with the team through the 2025 season.
The contract the Detroit Pistons front office extended to Monty Williams, worth $78.5 million over six years, sent everything into a new stratosphere and caused the coaching market to explode in just the last few months.
The roster of lucrative deals that sideline whisperers have inked is rather impressive, as Stein notes in his most recent newsletter.
In January 2024, Erik Spoelstra of the Miami Heat signed a ludicrous eight-year contract worth $120 million.
During the season, Steve Kerr of the Golden State Warriors signed a big two-year, $35 million contract.
After the Dallas Mavericks’ first-round playoff victory, Jason Kidd was given a sizable increase and a two-year contract extension through 2026–2027.
After firing Frank Vogel, who had signed a five-year contract for over $6 million annually, the Phoenix Suns signed Mike Budenholzer to a five-year, $10 million-per-season contract.
NBA player Tyronn Lue agreed to a five-year contract extension that is allegedly worth $70 million.
Additionally, Mike Brown of the Sacramento Kings finalised a new contract worth $8.5 million per year until the 2026–2027 season, excluding bonuses.
In order to help Victor Wembanyama develop, Greg Popovich of the San Antonio Spurs agreed to a five-year agreement worth more than $80 million.
Thibodeau has amassed a formidable 175-143 (.550) record in 318 regular-season games since being hired.
In the postseason, he is also 14–15. He made it to the playoffs in his first season as a coach in New York, losing to Atlanta 1-4 in the first round. The previous year, he made it past the first round before losing to Miami in six games. This season, he made it again, winning seven games before falling to the Indiana Pacers in Game 7 of the Eastern Conference Semifinals.
It would only take Thibs missing 20 more regular-season games at the beginning of the 2025–2026 season to tie Jeff Van Gundy’s coaching record of 420 with the Knicks if he signs an extension and assumes he finishes the upcoming season (still under contract) on the bench without being fired.
Being one of the six Knicks coaches with more than 300 games under his belt, Thibodeau would need to accumulate 82+21 games to surpass JVG for the third-most games coached from New York’s bench.
