Contract extension negotiations between Karl-Anthony Towns and the New York Knicks have stagnated, with a deal before training camp now considered unlikely, according to Shams Charania.
Speaking on NBA Today on Wednesday, September 23, Charania said the two sides have discussed an extension extensively throughout the offseason and described the negotiations as cordial, but there has been little recent movement toward an agreement.
“Negotiations on a contract extension between the Knicks and Karl-Anthony Towns have stagnated,” Charania said. “And as it stands right now, a deal going into training camp is considered unlikely.”
Towns is entering the second season of his three-year, $220.4 million contract. The deal includes a $61 million player option for the 2027-28 season, meaning he could potentially enter free agency next summer if he declines the option.
Charania noted that Towns could have access to a significant free-agent market if he reaches that point, with around eight teams projected to have cap space next offseason and multiple teams potentially looking for a starting-caliber big man.
The Knicks can still revisit extension discussions later in the season, but the uncertainty arrives as they prepare to defend their championship. New York went 53-29 during the 2025-26 regular season before winning 16 of 19 playoff games to capture its first NBA title since 1973.
Towns was an important part of that championship run after joining the Knicks from Minnesota in the 2024 offseason. During the 2025-26 regular season, he averaged 20.1 points, 11.9 rebounds and 3.0 assists in 75 games while shooting 50.1% from the field and 36.8% from three-point range.
The four-time All-Star was even more productive in his first season with New York, averaging 24.4 points and 12.8 rebounds in 72 games while earning All-NBA Third Team honors.
The Knicks also face broader financial considerations. Owner James Dolan has publicly stated that the organization does not want to cross the NBA’s second tax apron, creating a significant factor in determining how much money the team can commit to its core.
Charania pointed out that New York would project as a second-apron team next season if it simply brought back the current roster under existing commitments. That makes changes to the championship roster likely, with Mitchell Robinson already leaving in free agency for the Boston Celtics.
Towns is not the only key Knick eligible for an extension. Josh Hart, who averaged 12.0 points, 7.4 rebounds and 4.8 assists in 66 games last season, can also negotiate a new deal.
