The forward will reportedly make $140 million over the next five years counting the final season of his previous three-year, $61.2 million deal, according to Woj, who added that "Randle's extension includes a player option in the final year."
Ian Begley @IanBegley
League sources say part of Julius Randle’s thinking on signing his 4 year, $117M contract extension w/NYK is that he loves the organization/fans & wants to ‘commit his prime to the team.’ Sources add that Randle wants to commit now to give more NYK financial flexibility. ESPN 1st
Randle is coming off his best season in the NBA with averages of 24.1 points, 10.2 rebounds and 6.0 assists per game, all career highs on his way to his first All-Star selection.
He helped the Knicks finish with the No. 4 seed in the Eastern Conference for the team's first playoff appearance since 2013. The squad had low expectations after finishing 21-45 last season without making too many notable moves in the offseason, but Randle's increased production was a key part of the turnaround.
The forward also earned the NBA's Most Improved Player award in the process.
The 26-year-old joined New York in 2019 as the team's biggest signing after missing out on several higher-profile targets. He excelled individually with averages of 19.5 points and 9.7 rebounds per game last year, although the team struggled to one of the worst records in the NBA.
It left an uncertain future for Randle, who was owed $19.8 million in 2021-22 but had only $4 million guaranteed, per Spotrac.
The latest deal secures his financial future while locking down a player who can be key for New York going forward.
Randle had struggled to find a home in the NBA despite productive seasons with the Los Angeles Lakers and New Orleans Pelicans. Questions about his efficiency and defense left question marks about his long-term role.
The improvements this season showed Randle can be an offensive focal point and a leader of a playoff team.
With Randle now under team control and exciting young players like R.J. Barrett, Immanuel Quickley, Obi Toppin and Mitchell Robinson on the roster, the future is suddenly extremely bright for the Knicks, who've also re-signed Derrick Rose, Nerlens Noel and Taj Gibson, while adding Evan Fournier in free agency.