Will the newest Knick follow Brunson’s lead or hold out for free agency in 2026?
Mikal Bridges is at a pivotal point in his career. On October 1, 2024, he will become eligible for an extension, and his decision could significantly alter both his future finances and the trajectory of the Knicks franchise.
Bridges is entering the third year of a four-year, $90.9 million contract he signed with the Phoenix Suns in 2021. He stands to earn $23.3 million in 2024-25 and $24.9 million in 2025-26. The contract is fully guaranteed, and he will become an unrestricted free agent after the 2025-26 season. Bridges was traded to the Brooklyn Nets in a Kevin Durant swap before being acquired by New York.
According to Sam Quinn of CBS Sports, Mikal Bridges there is a catch to signing on (or after) October 1. Quinn writes that since being traded on July 6, Bridges is subject to the NBA’s extend-and-trade rules, which limit his extension options for six months. Under these rules, he can only extend his contract for up to two additional years, with a 20% raise in the first year and 5% annual increases. That’s in the ballpark of a 2-year, $61.2 million deal. Talk about a team-friendly deal.
On the other hand, Mikal Bridges will qualify for a standard veteran extension on July 1, 2025. This would allow him to get a 40% salary increase in the first year of the new contract, followed by 8% annual raises. Then, entering the final year of his current deal, he could extend for an additional four years, potentially locking in around $156 million over those four years. That would bring the total to approximately $181 million when factoring in the final year of his existing contract.
The Knicks made a bold move in June 2024, trading five first-round picks and a pick swap to acquire Bridges from the Brooklyn Nets. The deal demonstrated their commitment to surrounding team captain Jalen Brunson with offensive and defensive weapons and Villanova pals.
Currently, Bridges’ contract accounts for 16.57% of the Knicks’ salary cap. (h/t Spotrac.com) That places him behind OG Anunoby (26%), Julius Randle (20.6%), and Jalen Brunson (17.8%) in terms of cap impact.
Currently, Randle, an All-Star power forward, is due to make $28.9 million in the 2024-25 season and has a player option for $30.9 million in 2025-26. Randle, who is recovering from a surgery to repair his dislocated shoulder, could decline the aforementioned player option and test free agency in June 2025.
Randle could also be in the news for signing an extension soon. He became eligible for a four-year, $181 million extension in August, but mum’s been the word ever since. Despite his eligibility, NBA insiders like ESPN’s Bobby Marks do not expect the Knicks to offer Randle an extension soon due to salary cap concerns and long-term roster planning. Marks asked on The Lowe Post podcast, “Who is New York competing against out there next offseason? Is Brooklyn willing to spend $40 million on Julius Randle? Are the Wizards and other teams? It’s just not there.”
As for Brunson, he signed a four-year, $156.5 million extension with the Knicks this summer. His new deal takes effect in 2025-26. By agreeing to it, he passed up a potential five-year, $269 million deal in 2025, but his surprising decision allows the Knicks to maintain salary cap flexibility.
Will Bridges do the Knicks a similar favor? Quinn seems to think so. Signing an extension offers security with a team full of beloved peers and cements his role within the Knicks’ plans.
Yet, Bridges could just decide to play out the rest of his contract and become an unrestricted free agent in June 2026. At that point, he could re-sign with the Knicks on a five-year deal starting at 30% of the salary cap with 8% annual raises, potentially earning up to $296 million. If he signs with another team, he’d be limited to a four-year deal with 5% annual raises.
Waiting comes with risks, though, such as potential injuries or market fluctuations, that could affect his value. Choose wisely, Mikal!
Bridges is known for his versatility, defensive prowess, and durability. Bridges holds the active record for the most consecutive games played in the NBA, having not missed a game since being drafted—a fact that must make head coach Tom Thibodeau drool. Mikal is expected to be a key two-way player for the Knicks, and as Leon Rose and Co. consider the team’s future, Bridges will likely be a cornerstone of their long-term strategy. His decision to extend or explore free agency will have lasting implications, not only for his career but for the Knicks’ ability to compete for a title.
Get the man a pen. Go Knicks!