When Karl-Anthony Towns, Mikal Bridges Are Eligible to Sign Knicks Contract Extensions

After being eliminated from the playoffs by the Indiana Pacers in the Eastern Conference Finals, the New York Knicks could be on the verge of an expensive offseason.

ESPN's Bobby Marks explained that Knicks stars Karl-Anthony Towns and Mikal Bridges both will be eligible to sign contract extensions this summer, with Bridges becoming eligible after the end of the NBA Finals and Towns becoming eligible starting on July 7.

Star point guard Jalen Brunson signed a team-friendly contract extension last offseason that "has given New York a financial runway to sign Bridges to a long-term contract and still have flexibility in future years," per Marks. The swingman is eligible for an extension up to four years and $156.1 million, and he's coming off a solid showing in his first year with the Knicks.

Bridges continued his streak of playing every regular-season game for the seventh straight year and averaged 17.6 points while shooting 50.0 percent from the field. His durability and steady production should make it easy for New York to make a long-term commitment to him, and it wouldn't hurt the team's bank account. Marks noted that "if the extension starts at $34 million, New York is a projected $30 million below the second apron in 2026-27."

Towns still has three years left on his contract and will be making salaries of $53.1 million, $57.1 million and $61 million. He also had a strong year in his first season in New York, averaging 24.4 points and 12.8 rebounds. However, he was criticized for his defensive lapses during the Knicks' playoff run, which came to an end in Saturday's 125-108 Game 6 loss to the Pacers.

Perhaps the Knicks could choose to restructure Towns' contract to provide even more financial flexibility as they try to retool their roster in hopes of competing for an NBA championship next season.