Knicks Rumors: Tom Thibodeau a 'Virtual Certainty' to Get New Contract at Market Rate

New York Knicks head coach Tom Thibodeau is reportedly in a good position to get a contract extension this offseason, per NBA insider Marc Stein.

"League sources say that Knicks coach Tom Thibodeau should be viewed as a virtual certainty to score a contract extension this offseason 'at the market rate,' which translates to an annual wage of at least $10 million, after New York's run to the brink of the Eastern Conference Finals with one of the league's longest injury lists in a postseason wracked with injuries," Stein wrote.

The report comes following the Knicks' run to the Eastern Conference semifinals despite a roster depleted by injuries. New York was just one game shy of reaching the conference finals for the first time since 2000.

Since taking over as head coach of the Knicks ahead of the 2020-21 season, Thibodeau has missed the playoffs just once and has reached the second round twice. Before his time in New York, Thibodeau coached the Chicago Bulls from 2010 to 2015 and the Minnesota Timberwolves from 2016 to 2019.

Of all his seasons as a head coach, the 2023-24 campaign was arguably his most impressive. The Knicks were without star power forward Julius Randle for the entirety of the playoffs and lost Mitchell Robinson after the first game of the conference semifinals. OG Anunoby, Bojan Bogdanović and Josh Hart also dealt with injuries in the postseason.

Despite being down some key players, New York handled the Philadelphia 76ers in the first round before taking the Pacers to seven games, ultimately falling short of advancing to the conference finals.

As Stein noted, "the market rate" is at least $10 million per year, which would put Thibodeau behind just Steve Kerr, Gregg Popovich, Erik Spoelstra and Monty Williams for the highest annual salary.

Given Thibodeau's success this season and the potential for the Knicks to continue improving, that $10 million figure could be justifiable.