We have been discussing Tom Thibodeau and his forthcoming extension for months, and it now seems that the announcement is imminent.
According to NBA insider Marc Stein in his July 21 newsletter, this announcement will happen “in the near future.”
“There was a strong expectation in the desert that a contract extension for Knicks coach Tom Thibodeau will be announced soon.
“Thibodeau would be entering the final season of his original five-year contract without an extension but has been expected for weeks to receive a new deal worth at least $10 million annually after leading the injury-ravaged Knicks to just their second 50-win season of the 21st century,” said Marc Stein.
Stein made a valid point regarding the delay in the official announcement of the extension, which has been essentially guaranteed for several months now.
Thibodeau is about to enter the final season under his current contract with the Knicks, a deal he signed in July 2020 when he became the 31st head coach of the franchise.
“Tom Thibodeau is a proven winner who gets the most out of the players and teams that he has coached,” said president Leon Rose during Thibodeau’s hiring announcement. “He will bring leadership, accountability, and a hardworking mentality to our organization. We are excited to bring him back to New York and look forward to collaborating with him and his staff toward a successful future.”
And that’s precisely what Thibodeau has done. He has achieved a strong 175-143 (.550) record in 318 regular-season games, is 14-15 in the postseason, and has advanced past the first round in two of the three seasons he’s reached the playoffs.
Thibodeau is also one of only six Knicks coaches with 300+ games on MSG’s sideline.
Stein had already reported in early June that the coach was almost guaranteed an extension worth “at least $10 million” per season. This aligns with the current coaching landscape in the NBA, where several coaches earn substantial salaries.
According to a June 1 report by Rodney Reeves of Front Office Sports, Steve Kerr tops the annual salary list among NBA coaches at $17.5 million per year, followed by Gregg Popovich ($16 million AAV) and Erik Spoelstra ($15 million AAV), with three other coaches earning over $10 million each.
Thibodeau may not have the pedigree of any of the coaches earning at least $9 million according to FOS’ report—all of whom have won at least one championship—but it’s fair to say that he is considered one of the top-tier coaches in the league today and historically.
Currently, Thibodeau’s contract pays him $8 million per season, slightly below Mike Brown’s $8.5 million annual salary and tied with JJ Redick, Jason Kidd, Quinn Snyder, and Michael Malone.
Extending a head coach may never be as exciting as landing an uber-talented wing like Mikal Bridges, celebrating a hometown-discount extension of the franchise’s face, or retaining a player known for bland quotes, but keeping Thibodeau for the core’s future could be the most impactful move the Knicks’ front office has made in their master plan to bring the Larry O’Brien Trophy back home.
