Mikal Bridges is at a critical juncture in his career, as he becomes eligible for a contract extension on October 1, 2024. His decision will have major implications for both his financial future and the New York Knicks’ trajectory.
Bridges is in the third year of a four-year, $90.9 million deal he originally signed with the Phoenix Suns in 2021. He will earn $23.3 million in the 2024-25 season and $24.9 million in 2025-26, with unrestricted free agency looming afterward. After being traded from the Brooklyn Nets to the Knicks in a blockbuster trade, Bridges’ situation could shift dramatically depending on his contract choices.
According to CBS Sports’ Sam Quinn, there’s a catch if Bridges signs an extension after October 1. Due to the NBA’s extend-and-trade rules, he’s only eligible for a two-year extension with a 20% raise in the first year, followed by 5% annual increases—roughly translating to a two-year, $61.2 million deal, considered quite favorable to the Knicks.
However, Bridges could wait until July 1, 2025, to qualify for a standard veteran extension, where he could secure a 40% raise in the first year and 8% annual raises. This would allow for a potential four-year extension worth around $156 million, bringing his total earnings to $181 million when including the final year of his current deal.
The Knicks showed their commitment to Bridges by trading five first-round picks and a pick swap to acquire him in June 2024, signaling their intent to bolster the team around captain Jalen Brunson.
Currently, Bridges’ contract represents 16.57% of the Knicks’ salary cap, behind players like OG Anunoby, Julius Randle, and Jalen Brunson. Randle, earning $28.9 million in 2024-25 with a player option for $30.9 million the following season, could test free agency in 2025, with some insiders doubting the Knicks will offer him an extension due to cap constraints.
As for Brunson, he signed a four-year, $156.5 million extension, forgoing a potential five-year, $269 million deal, a decision that helped the Knicks maintain flexibility. Whether Bridges will make a similar choice remains uncertain, though Quinn suggests he might.
If Bridges opts not to extend and instead becomes a free agent in 2026, he could sign a five-year deal with the Knicks worth up to $296 million or a four-year deal elsewhere. There are risks to waiting, such as injuries or changes in the market, which could affect his value.
Known for his durability and defensive versatility, Bridges has never missed a game since entering the NBA, making him a valuable two-way player for the Knicks. His decision will have lasting impacts on his career and the team’s championship aspirations.
Let’s see if Bridges commits to the Knicks—get that pen ready! Go Knicks!
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