Knicks Reportedly Owe Tom Thibodeau $30M from 2024 Contract Extension After Firing

Tom Thibodeau is reportedly set to receive at least $30 million from the New York Knicks after his dismissal from the team.

The Knicks fired Thibodeau on Tuesday with at least $30 million in guaranteed money remaining on his current contract, according to SNY's Ian Begley.

Adrian Wojnarowski reported last July for ESPN that the Knicks had signed Thibodeau to a three-year extension through the 2027-28 season.

Thibodeau will now be leaving the franchise before the extension even kicks in.

His surprising dismissal came three days after the Knicks' deepest playoff run in 25 years ended with a Game 6 conference-finals loss to the Indiana Pacers.

The Knicks originally extended Thibodeau after two straight playoff runs ended in the Eastern Conference semifinals.

New York also acquired Mikal Bridges, re-signed OG Anunoby and extended Jalen Brunson that summer in a vote of confidence for the team's current core.

The Knicks had missed the playoffs for seven straight years before Thibodeau arrived in Manhattan ahead of the 2020-21 campaign.

Named the 2021 Coach of the Year for adding 20 victories to the Knicks' regular-season win total in the span of a season, Thibodeau went on to help build the roster into a title contender.

He capped off his span as head coach with this spring's trip to the Eastern Conference Finals.

After falling into a 3-1 series deficit, the Knicks staved off elimination with a Game 5 win before falling to Tyrese Haliburton and the Pacers in Game 6.

Knicks team president Leon Rose said in a statement that the decision to dismiss Thibodeau after his team fell short of the NBA Finals was because "our organization is singularly focused on winning a championship for our fans."

"He led us not only with class and professionalism for the past five seasons, but also to tremendous success on the court with four playoff berths and four playoff series victories. Ultimately, we made the decision we feel is best for our organization going forward," Rose said.

Given the Knicks' conference finals trip this spring and the cost of the decision to fire Thibodeau, the pressure will be on whoever Rose hires next to lead this team to the NBA Finals next season.