Examining Knicks' Salary Cap, Decisions for 2024 NBA Free Agency After Playoff Loss
This year, the New York Knicks made consecutive trips to the playoffs for the first time since the 2011-12 and 2012-13 seasons. It was, at times, a trying season for New York, but head coach Tom Thibodeau got his squad into the dance for the third time in three years.
The 2022 addition of Jalen Brunson continues to pay dividends, and the December trade for OG Anunoby helped give the Knicks a playoff-caliber core. With players like Josh Hart and Donte DiVincenzo becoming key contributors, New York continued its playoff push even after losing Julius Randle to a season-ending shoulder injury.
Now that the Knicks' postseason run has come to an end in the Eastern Conference Semifinals against the Indiana Pacers, however, it's time for Thibodeau and senior VP of basketball operation Gersson Rosas to start planning for next year.
Ideally, a healthy Randle will help make the Knicks a more formidable postseason threat. However, there's work to be done if New York hopes to have a true title contender a year from now.
Here, we'll examine New York's salary cap outlook, top impending contract decisions and some potential top targets for 2024 free agency.
2024 Salary Cap
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Randle will be back for at least one more season—he has a player option for 2025-26—and New York is slated to have 11 players under contract entering free agency. That includes Brunson, Hart, DiVincenzo and Anunoby, though Anunoby has a player option for next season.
New York's only unrestricted free agents are Isaiah Hartenstein, Alec Burks and Shake Milton.
While all of this leaves the Knicks with a practical cap deficit of $66.5 million, they're in a decent position entering the offseason. As currently constructed, New York is set to be $27 million below the luxury tax threshold and well below the second apron.
Staying under that second apron will be important because of the new collective bargaining agreement (CBA). Under the new CBA, teams above the second apron cannot aggregate contracts to trade for a single player, send out cash in trades, use trade exceptions from previous years, or take back more salary than they send in a trade.
Theoretically, the Knicks could be active on the trade market if they want to be. However, looming contract decisions could quickly erase any real trade flexibility.
Top Contract Decisions
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New York's most immediate contract decision will involve Anunoby, who is extremely likely to opt out. He's been a fine addition for the Knicks at times, but his injury history has to be viewed as a concern.
Anunoby missed multiple games with elbow issues this past season, though he did return ahead of the playoffs. Unfortunately, he suffered a hamstring injury in the Eastern Conference Semifinals.
The problem for New York is that letting the 26-year-old walk after trading R.J. Barrett and Immanuel Quickley to get him would be a hard move to swallow.
"He will try to break the bank there," one unnamed NBA general manager said in March, per Heavy's Sean Deveney. "Why not? They can't afford to lose him."
New York also has to sort out the future of Brunson, who has a player option for the 2025-26 season. The two sides are reportedly open to an extension this summer, according to Steve Popper of Newsday.
"I've heard whispers that Jalen Brunson would be open to discussions to do [an extension] this summer," Popper said on The Putback with Ian Begley in early April.
Signing Brunson has looked like one of the better moves of the last couple of offseasons. While New York may want to extend Anunoby so as not to admit it missed on a significant gamble, extending Brunson would simply be a smart move.
The Knicks also have club options with guards DaQuan Jeffries and Evan Fournier. They also have to decide what to do with Hartenstein, who made the most of his starting opportunities this past season.
According to Michael Scotto of HoopsHype, "several executives" believe that Hartenstein could command $13 million annually on the open market this offseason.
Free Agents to Pursue
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A lot will hinge on what New York does regarding Anunoby and Hartenstein. If the Knicks mainly focus on keeping the proverbial band together, they may not do much star chasing in free agency.
Brunson's extension, whether it comes this offseason or next, will loom large, financially.
When looking at relative bargains, players like Philadelphia 76ers guard De'Anthony Melton and Washington Wizards guard Tyus Jones probably make the most sense.
Melton is a decent two-way player who could help provide rebounding and defensive help. Jones could provide some valuable depth behind Brunson and add some legitimate offensive playmaking ability off the bench. Of the two, Jones—who earned a base salary of $14 million this past season—would probably be the pricier option.
Of course, if the Knicks are interested in spending big and in a position to do so, Paul George could reenter the equation. He has a player option with the Los Angeles Clippers and was reportedly a Knicks trade target last summer.
Knicks reporter Alan Hahn reported in July (h/t Bleacher Report's Doric Sam) that the Knicks "had a chance to get Paul George" but "said it was too expensive."
New York may have a different stance on George if it can sign him outright, and the possibility of him landing with the rival 76ers could enter the equation.
"The 76ers' desire to acquire Paul George in free agency is the NBA's worst-kept secret," the Philadelphia Inquirer's Keith Pompey wrote.
Indiana Pacers power forward Pascal Siakam could be a name to watch if the Knicks decide to move Randle in the offseason. However, a Siakam-Anunoby reunion in New York probably isn't likely.
*Cap and contract information via Spotrac.
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