Getty Owner James Dolan (L) and head coach Tom Thibodeau of the New York Knicks.
New York Knicks owner James Dolan finally found the winning and stability in Tom Thibodeau that he had long sought.
After the once-moribund franchise cycled through a dozen coaches, Tom Thibodeau broke the Knicks coaching curse as he agreed on a three-year extension deal that will run through the 2027-28 season, according to ESPN’s Adrian Wojnarowski.
The new long-term deal tucked into Thibodeau’s current five-year contract marks the most years Dolan has ever committed to a coach since he took over the franchise in 1999.
Thibodeau, a two-time NBA Coach of the Year, will match his mentor and friend Jeff Van Gundy’s five-year run with the Knicks next season. After that, he will become the longest-tenured Knicks coach since Red Holzman, who won the franchise’s only two NBA championships during a nine-year run in the 1970s.
The 66-year-old Thibodeau gave the Knicks hopes they could win the franchise’s third NBA championship after slowly transforming them from a lottery team into a championship contender.
Since Thibodeau, a former Van Gundy assistant, returned to New York after stops in Chicago and Minnesota, the Knicks have made it to the postseason in three of his first four years as the head coach — the team’s most playoff appearances under Dolan’s ownership. Over the last two seasons, the Knicks reached the second round but key injuries prevented them from making it to the Eastern Conference Finals.
Thibodeau’s new contract lines up with their franchise star Jalen Brunson‘s four-year, $156.5 million extension. Brunson can become a free agent after the 2027-28 season, the final year of Thibodeau’s new deal.
Value of Tom Thibodeau’s 3-Year Extension
Terms of Thibodeau’s new deal were not revealed but SNY’s Ian Begley reported that his annual salary is in the eight-figure range.
“With regard to the annual amount on Tom Thibodeau’s extension, the number is in line with the current market for head coaches, per SNY sources. Annual coaching salaries on new deals have hit eight figures regularly in recent seasons,” Begley wrote on X.
Thibodeau was earning $8 million annually in his current five-year contract, per Front Office Sports.
Steve Kerr is the highest-paid coach in the NBA after inking a two-year, $35 million extension with the Golden State Warriors.
Longtime San Antonio Spurs coach Gregg Popovich is second, raking in an annual salary of $16 million, followed by Miami Heat’s Erik Spoelstra at $15 million annually. Los Angeles Clippers’ Ty Lue, who just extended with the Clippers is the fourth-highest-paid coach at approximately $14 million annually.
Milwaukee Bucks’ Doc Rivers and Phoenix Suns’ Mike Budenholzer are tied at a $10 million annual salary.
Knicks’ Championship Window is Now Open
With a lucrative new deal secured, in addition to the Knicks’ offseason moves, Thibodeau will head into his fifth season with heightened expectations.
The Knicks have bolstered their roster after acquiring former All-NBA Defensive wing Mikal Bridges to reunite him with his former Villanova teammates Brunson, Josh Hart and Donte DiVincenzo.
They also brought back OG Anunoby, also a former All-NBA Defensive wing, on a new deal, the richest in Knicks history at $212.5 million over five years.
The Knicks are stacked with Thibodeau’s top 8 players projected to be Brunson, Julius Randle, Anunoby, Bridges, Mitchell Robinson, Hart, DiVincenzo and Miles McBride.
They also have depth with Cam Payne, who signed a one-year veteran minimum deal, NBA Summer League standout Tyler Kolek, the 34th overall pick of the last draft, and fourth-year center Jericho Sims.