The New York Knicks will pay Tom Thibodeau more than $30 million in guaranteed money following his dismissal, according to a report from Ian Begley of SNY.
Begley also reported that the veteran coach will not have a role in the team’s front office.
Thibodeau had recently signed a contract extension, which now becomes a costly commitment for a franchise shifting direction after its best playoff run in decades.
New York fired the 67-year-old coach just days after being eliminated by the Indiana Pacers in the Eastern Conference Finals.
Despite support from star guard Jalen Brunson and backing within the front office, the organization opted for a leadership change.
Under Thibodeau, the team finished the 2024-25 regular season with a 51–31 record, securing the third seed in the Eastern Conference.
The Knicks defeated both Detroit and Boston in the first two rounds of the playoffs before falling in six games to Indiana.
From 2001 to 2020, the franchise had won just one playoff series—Thibodeau guided them to three series wins in the past three years.
New York also recorded consecutive 50-win seasons for the first time since the 1990s and claimed a playoff series at Madison Square Garden for the first time in over 20 years.
Despite those accomplishments, ownership is pursuing a coach with championship credentials and a strong background in player development, sources said.
Thibodeau, who won NBA Coach of the Year in 2021, is expected to draw interest from teams seeking veteran coaching experience.
