Knicks' Free-Agency Outlook and Top Contract Decisions Following Trade Deadline

The New York Knicks are playing some of their best basketball of the 2022-23 NBA season—and we're already thinking about the summer, anyway.

Sorry, 'Bockers backers, but we just can't help it.

The offseason offers an opportunity to either add talent or build continuity by retaining it. New York could draw from Column A or Column B this offseason, though this final stretch run could go a long way toward dictating which direction the front office takes.

Upcoming Free Agents

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WASHINGTON, DC -  JANUARY 13: Derrick Rose #4 of the New York Knicks warms up before the game against the Washington Wizards on January 13, 2023 at Capital One Arena in Washington, DC. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2023 NBAE (Photo by Stephen Gosling/NBAE via Getty Images)

If the Knicks like their core, they have a chance to keep it almost in its entirety.

New York only has two players guaranteed to reach free agency, and both are on two-way contracts: DaQuan Jeffries and Duane Washington Jr. Otherwise, the free-agent crop hinges on decisions made by this team and one player.

That individual player is Josh Hart, the Knicks' prized pull from the trade deadline—and a college teammate of Jalen Brunson at Villanova. Hart has a $13 million player option for next season, per Spotrac, but as a starting-caliber wing who contributes on both ends, he can beat that pay rate on the open market. Of course, if Hart opts out, that hardly guarantees his exit, though we'll dive into that in a bit.

Other than Hart, the Knicks hold team options on Derrick Rose ($15.6 million) and Miles McBride ($1.8 million). Both should be easy decisions. The 34-year-old Rose has fallen out of the rotation, so there's no reason to keep him around on an eight-figure salary. McBride, on the other hand, has used his disruptive defense to claim a relatively regular place in the rotation. He'll need to expand his offensive arsenal to have a long future in Gotham (and the league at large), but his option is cheap enough for New York to pick it up and track his development.

Toughest Decisions

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NEW YORK, NEW YORK - JANUARY 18: Obi Toppin #1 speaks with Immanuel Quickley #5 of the New York Knicks during the fourth quarter of the game against the Washington Wizards at Madison Square Garden on January 18, 2023 in New York City. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Dustin Satloff/Getty Images)

The toughest decision isn't the Knicks' to make. Instead, it falls on Hart, who, if the money is all equal, sounds like someone who wants to build something in the Big Apple.

"I'm looking for a home, and I think this could be it," Hart told reporters.

Hart has hit the ground sprinting in New York, and he fits coach Tom Thibodeau's system like a pair of skinny jeans. Money talks in free agency, though, so Hart could face a tough dilemma if he can find more of it elsewhere.

New York could have two tricky calls of its own this summer, too, though it's up to the franchise whether to make them right now. Obi Toppin and Immanuel Quickley are both extension-eligible this offseason, and neither is established to the point of feeling certain what they'll be worth over the next handful of seasons.

Maybe that opens the door to a potential bargain, but it wouldn't be shocking to see the Knicks let the extension deadline pass and take these players into 2024 free agency.

Alternatives

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NEW YORK, NEW YORK - FEBRUARY 25: RJ Barrett #9 of the New York Knicks in action against the New Orleans Pelicans at Madison Square Garden on February 25, 2023 in New York City. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. New York Knicks defeated the New Orleans Pelicans 128-106 (Photo by Mike Stobe/Getty Images)

Regardless of what happens with Hart, the Knicks won't create cap space this summer. They could, however, land far enough under the luxury tax to bring him back and utilize the nontaxpayer mid-level exception.

Outside of free agency, New York can also find players on draft night. While it will likely lose its own pick (owed—with lottery protection—to the Portland Trail Blazers), it should add a first from the Dallas Mavericks (top-10 protected). There's a chance it could pick up another from the Washington Wizards, but it's lottery-protected. Technically, the Knicks also have a first coming from the Detroit Pistons, but with top-18 protection attached, it has virtually no chance of conveying.

Expanding to the bigger picture, the Knicks remain loaded with assets to swing a trade for a star. But, if New York embarks on a lengthy playoff run, will the front office feel such a mega-move is necessary? And, even if it does, will the trade market have the right star available?

If both of those answers are yes, this summer could get interesting in Gotham. With Julius Randle locked into the depth chart ahead of him, Toppin is a natural to be included in such a trade. However, he hasn't done enough in this league to anchor a blockbuster trade on its own.

So, do the Knicks have enough draft picks for them to serve as sweeteners? Or might trade partners also try to get Quickley, Quentin Grimes or even RJ Barrett? Barrett, the No. 3 pick in 2019, has sprinkled in some high-level flashes, but he slots in somewhere between above-average and good. Has New York seen enough to make him off-limits, or might the franchise sacrifice his future potential for an instant upgrade? Stay tuned.