Knicks' Updated Salary Cap After Mikal Bridges' Rumored $150M Contract Extension

The New York Knicks handed forward Mikal Bridges a four-year, $150 million contract extension on Thursday, according to ESPN's Shams Charania.

Per Charania, Bridges' new deal contains a player option for the 2029-30 season as well as a trade kicker.

The Knicks will be roughly $18.6 million below the second apron during their 2026-27 campaign, the first year that the extension is set to kick in (via ESPN's Bobby Marks).

Bridges was eligible to receive $156 million over four years but took a $6 million discount because "he wants to prioritize sustained success with the Knicks," per Fred Katz of The Athletic.

The 28-year-old was initially set to become a free agent at the end of the 2025-26 season.

Bridges is preparing to enter his second year with New York after the team acquired him in a blockbuster July 2024 trade with the Brooklyn Nets, sending a package headlined by four unprotected first-round picks and one protected pick to Brooklyn.

He dealt with some inconsistency on both ends of the floor during his inaugural season on the Knicks, averaging 17.6 points, 3.7 assists and 3.2 rebounds per game on 50.0/35.4/81.4 shooting splits.

It's worth noting that Bridges led the NBA with 3,036 total minutes played during his 2024-25 campaign, while no other player crossed the 2,900-minute threshold.

He stepped up on several occasions during the Knicks' playoff run that ended in the Eastern Conference Finals, making game-winning defensive plays to help New York take a 2-0 series lead over the Boston Celtics in the second round.

As the Knicks look to remain a contender in the East moving forward, key players including Jalen Brunson, Karl-Anthony Towns, OG Anunoby and Bridges are now all under contract over the next two seasons.