Breaking Down Mikal Bridges Extension Options
Bridges basically has three options. Let's examine each option in depth…
Bridges basically has four options. Let's examine each option in depth…
Mikal Bridges has let it be known he is ecstatic to be a Knick.
And why wouldn't he be? Bridges gets to play alongside his buddies from college inside the World's Most Famous Arena on a team with a legit chance to contend for a title that is supported by a passionate, loyal fanbase.
"It's surreal. Coming here, it makes me feel like a young kid again, with all the memories," Bridges said at his introductory press conference back in early July. "When I think about basketball when I was young, and the old school, it was always the Knicks. That's what you think about. MSG. The New York song. All that stuff."
"I've been in the building for all of 40 minutes," Bridges told reporters on that warm July day, "but I think I fit in really well."
Well, the Knicks believe he'll fit in perfectly and hope to keep their exceptional 3-and-D wing in the building for the long haul, far more than 40 minutes. And considering what New York gave up to acquire Bridges (Bojan Bogdanovic, five first-round picks and a pick swap), they will do everything possible to ensure it happens.
One of the primary reasons the Knicks were willing to part with such valuable draft capital was because of Bridges' incredibly team-friendly contract. He will earn just $23.3 million this upcoming season and $24.9 million in 2025-26. (Bridges and Jalen Brunson being locked into such affordable deals was a huge factor in New York's willingness/ability to trade for Karl-Anthony Towns.)
Yet, nearly from the moment the blockbuster with Brooklyn was announced, Knicks fans began asking when Bridges would be eligible to ink an extension.
The answer is October 1st, which means Mikal was eligible to sign on the dotted line as of Tuesday morning.
However, there is a catch.
Oct. 1 is the three-year anniversary of the four-year, $90 million rookie extension Bridges signed with the Suns. Yet, because Bridges was traded from the Nets to the Knicks on July 6, his options are limited by the NBA's "extend-and-trade rules." Per the current CBA, for six months after a player is traded, he can only sign an extension that sums to a total of four years.
As noted above, Bridges has two years remaining on his current deal, and the contract contains no options. Consequently, the Knicks can only tack on a max of two more years to his pact.
In addition to limiting the contract's length, the extend-and-trade rules stipulate a player can secure a maximum raise of only 20% in the first year of his new deal and 5% annual raises in the subsequent year(s).
Thus, the most the Knicks can offer Bridges today is a two-year extension worth a total of $61.3 million.
Here's what his annual salary would look like in that scenario:
2024-25 (age 28 season): $23.3 million
2025-26 (age 29 season): $24.9 million
2026-27 (age 30 season): $29.9 million
2027-28 (age 31 season): $31.4 million
While the Knicks would agree to that in a heartbeat, and Bridges had made it clear he'd love to remain in New York for the foreseeable future and is reportedly willing to follow Brunson's lead by giving the Knicks a significant hometown discount, the two-year-extension detailed above would leave far too much money on the table. Bridges' agent allowing him to accept less than 17% of the cap for the remainder of his prime would be tantamount to malpractice.
At Knicks Media Day on Monday, Bridges was asked about a potential extension. "I have no clue, man," Bridges replied. "I'm just excited for training camp."
It's also important to note that because Bridges has two years left on his deal, he is prohibited from signing an extension after Opening Night. (Only players on expiring contracts are eligible to extend during the season.)
So, does that mean New York will have to wait until Bridges hits free agency following the 2025-26 season to lock him up long-term? Not necessarily.
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