Knicks head coach is a near lock to earn massive eight-figure contract extension

Dec 5, 2023; Milwaukee, Wisconsin, USA; New York Knicks coach Tom Thibodeau gestures towards New York Knicks guard Josh Hart (3) on the sideline against the Milwaukee Bucks in the first half at Fiserv Forum. Mandatory Credit: Michael McLoone-USA TODAY Sports
Michael McLoone-USA TODAY Sports

The New York Knicks are ready to make head coach Tom Thibodeau an even richer man this offseason.

Knicks reportedly ready to sign Tom Thibodeau to a massive extension

New York Knicks head coach Tom Thibodeau talks to forward OG Anunoby (8) during the fourth quarter against the Chicago Bulls at Madison Square Garden
Jan 3, 2024; New York, New York, USA; New York Knicks head coach Tom Thibodeau talks to forward OG Anunoby (8) during the fourth quarter against the Chicago Bulls at Madison Square Garden. Mandatory Credit: Brad Penner-USA TODAY Sports

Per NBA reporter Marc Stein, the Knicks are ready to extend Thibodeau to a deal worth $10 million-plus on an annual basis (h/t CBS Sports’ Sam Quinn):

New York Knicks coach Tom Thibodeau is viewed as a “near certainty” to extend his contract this offseason at “market rate,” according to NBA reporter Marc Stein. That would mean at least $10 million per year, which is quickly becoming the NBA’s standard for a proven head coach,” Quinn relayed.

Thibodeau led New York to their best season in over two decades in 2023-24

May 19, 2024; New York, New York, USA; New York Knicks head coach Tom Thibodeau walks off the court after losing to the Indiana Pacers in game seven of the second round of the 2024 NBA playoffs at Madison Square Garden. Mandatory Credit: Brad Penner-USA TODAY Sports
May 19, 2024; New York, New York, USA; New York Knicks head coach Tom Thibodeau walks off the court after losing to the Indiana Pacers in game seven of the second round of the 2024 NBA playoffs at Madison Square Garden. Mandatory Credit: Brad Penner-USA TODAY Sports

Thibodeau led New York to the 2024 Eastern Conference Semifinals. He had the Knicks one win away from making their first Eastern Conference Finals since 2000 before dropping an uneventful Game 7 to the Indiana Pacers.

The loss was a blemish in an otherwise stellar season for the Connecticut native. Thibodeau’s coaching scheme allowed for the Knicks to experience an offensive renaissance in 2023-24. There were countless moves that he made that fostered growth, development, and continuity within their ranks.

Thibodeau made sound coaching decisions that allowed his players to thrive

NBA: Playoffs-New York Knicks at Philadelphia 76ers, tom thibodeau
Credit: Bill Streicher-USA TODAY Sports

The former two-time NBA Coach of the Year made a tough decision to bench Quentin Grimes in favor of Donte DiVincenzo early in the season and it paid huge dividends. DiVincenzo went on to break Evan Fournier’s Knicks single-season three-pointers made record with 283. He also did wonders for a slower-paced team that lacked swift ball movement and fluidity in their offensive sets.

Thibodeau also gave the keys of the offense to Jalen Brunson. The Villanova product ran with the liberty that the Knicks’ play-caller gave him and went on to finish No. 4 in the league in scoring at 28.7 points per game. Julius Randle produced his third All-Star season in New York, and OG Anunoby was positioned to impose his will on both ends leading to Knicks wins after getting traded to the team midseason. When injuries reached their height in the winter, “Thibs” utilized a deep rotation which instilled confidence in his entire lineup and allowed players like Miles McBride to flourish.

The Knicks’ championship framework will likely continue to be spearheaded by Thibodeau moving forward

As a team, the Knicks maintained themselves as an elite rebounding unit, and a top-shelf defensive front, and now have a foundation to build upon on offense.

Having made somewhere in the ballpark of $8 million a year on his initial contract signed with the team back in 2020 according to varying reports, Thibodeau is in line to see a healthy 25 percent increase in yearly earnings to remain with the franchise past the final year of his deal for 2024-25. The Knicks have given him a contending team to work with, making the soon-to-be extension a smart move by the front office.

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