Knicks' Jalen Brunson signs four-year, $156.5 million contract extension
New York Knicks guard Jalen Brunson after he nails a 3-pointer in Game 5 of the conference semifinals on May 14 at MSG. Credit: Newsday/J. Conrad Williams Jr.
LAS VEGAS — Jalen Brunson has served as a scorer, a leader and the point guard for the Knicks’ rebirth, and on Friday, he provided perhaps the biggest assist of his career, signing a four-year, $156.5 million extension.
The deal, which sources have hinted for months he was open to signing, was agreed to and signed on the first day he was eligible to accept it. It provides security to Brunson and gives the Knicks a reasonable deal — far below what he could have gotten if he had waited until next summer, when he would have been eligible for a five-year, $269 million deal.
Leaving that much money on the table is unprecedented. It gives the Knicks the flexibility to continue to build the roster, which already has gotten them to the Eastern Conference semifinals each of the last two seasons.
“Jalen signing his extension to remain with the Knicks for the long-term shows the dedication and passion he has for the organization, the fans and this city,” Knicks president Leon Rose said in a statement. “Jalen has often called the Knicks his family and we are beyond proud to have him wear and represent our orange and blue for years to come. Jalen has embraced every challenge since he’s come to New York and has been committed since day one to the vision and plan we set forth for the future of this team. Since Jalen joined us two years ago, he has consistently led by example and continues to show a willingness to sacrifice for this organization, his teammates and everyone in the Knicks family.”
Teammate Josh Hart put it more succinctly, posting on X: “Build him a statue.”
The Knicks already have added Mikal Bridges in a trade with the Nets, giving the team four former Villanova teammates in Brunson, Hart, Bridges and Donte DiVincenzo. There still is work to be done, as the Knicks need a backup center to replace Isaiah Hartenstein. This deal will allow them to remain under the restrictive second apron of the salary cap.
The math for the new contract extension is not easy to follow, but while giving the Knicks flexibility, it eventually will allow Brunson to nearly reach the same salary figures. The contract extension will start up after the upcoming season and will have a player option to opt out after the 2027-28 season. At that point, Brunson will be a 10-year veteran, eligible for the more lucrative contract extension — a 35% annual raise with a higher salary cap as a result of the new television contract that will kick in after next season.
While Brunson could have waited for the extension to reach $269 million over five years, this deal. according to league sources, will allow that second extension to start with a salary of more than $70 million in the first year, escalating to nearly $100 million in the final season — a four-year deal worth $323 million in 2028 or a five-year, $418 million deal in 2029.
In March, Newsday wrote that he was considering taking this deal, according to sources, but his play continued to elevate throughout the season. Before this season, he had never been an All-Star or All-NBA player, but he earned an All-Star berth, finished fifth in the Most Valuable Player balloting and earned a second-team All-NBA spot.
Brunson averaged 28.7 points and 6.7 assists per game in the regular season. He was even better in the postseason, averaging 32.4 points and 7.5 assists in carrying an injury-depleted Knicks team through the playoffs.
But the real context of the deal is that Brunson is like family to the Knicks. Leon Rose is his godfather; Sam Rose, Leon’s son, is one of Brunson’s agents, and Brunson’s father, Rick, is a key part of the coaching staff.
Brunson not only wanted to give the Knicks flexibility but wanted to create financial security for his family. This deal provides not only a hefty guaranteed payday but also insurance against any unforeseen circumstance.
Brunson originally signed a four-year, $104 million deal with the Knicks two years ago, and even then, he would have settled for half that if the Dallas Mavericks had put the offer on the table to keep him.
Speaking on the All That Smoke podcast in February, Brunson described his decision to leave Dallas and the team’s unwillingness to offer him the four-year, $55 million deal he wanted by saying, “It’s funny because my agent was like, ‘I mean, you can do so much. You can get more.’ I’m saying, like, ‘Well, I just want to be safe. And I’m not trying to gamble right now. This is not something you can really gamble with if it’s out there.’ ”
Notes & quotes: The 2024-25 In-Season Tournament groupings were announced Friday. The Knicks are in East Group A with the 76ers, Magic, Hornets and Nets . . . According to league sources, Knicks draft pick Kevin McCullar stayed in New York to continue rehab on the same knee injury suffered during his time with Kansas that made him miss the NCAA Tournament. He will not be in Las Vegas with the team.
Steve Popper covers the Knicks for Newsday. He has spent nearly three decades covering the Knicks and the NBA, along with just about every sports team in the New York metropolitan area.
