Josh Hart Finalizing a Four-Year Extension with the Knicks

Hart is one of only three qualified players in the last 40 years listed under 6'6" to average more than six rebounds per game for their career. The other two are Russell Westbrook and Jason Kidd.

Back in early June, I wrote at length about why locking up Josh Hart for the foreseeable future should be a top priority for the Knicks. 

New York has done just that. ESPN's Adrian Wojnarowski reported Wednesday afternoon that Hart and his CAA representatives were in the process of finalizing a four-year, $81 million contract extension. Per Woj, Hart and the Knicks are "working through the final details." He is eligible to officially sign the pact on Thursday.

After Hart picked up his $12.9 million player option for the 2023-2024 season in June (allowing New York to gain some extra short-term spending flexibility under the luxury tax, which led to the team signing fellow Villanova product Donte DiVincenzo), it was expected that Hart and the Knicks would agree to a multi-year extension as soon as possible. 

There were rumors that Hart's deal might settle in at around $75 million, but it appears he will get the maximum amount possible. Under the new CBA, New York was able to offer Hart a contract up to four years in length, starting at 140% of his final season salary, with subsequent 8% annual increases. So, the max the Knicks can pay is an extension totaling $81.3 million. 

Here's a look at Hart's annual salary over the next five years:
2023-24: $12.9 million 
2024-25: $18.1 million
2025-26: $19.6 million 
2026-27: $21.1 million
2028-29: $22.5 million 

We'll have to wait for the final details to learn whether the contract is fully guaranteed or includes any options.

Per cap Guru Bobby Marks, here is the percentage of the Knicks' total salary cap Hart will account for in each of those seasons: 
2023-24: 9.5%
2024-25: 12.8%
2025-26: 13.1% 
2026-27: 13.4%
2027-28: 13.7%

Any time you lock in a valuable contributor for less than 14% of your team's total cap, that's a solid signing. 

And make no mistake; this player is most definitely valuable and valued. 

Over his first six seasons in the NBA, Hart had established himself as a defensive-minded wing with a high Basketball-IQ, who was efficient offensively and played with a contagious toughness and grittiness. 

New York was hoping he'd bring those same traits to The Garden. And he did just that immediately upon touching down in NYC, as his versatility enabled him to stuff the stat sheet and contribute significantly on both ends of the floor.

In the 25 regular-season games he played for the Knicks after the team acquired him from Portland in exchange for Cam Reddish, Ryan Arcidiacono and the Knicks' (lottery-protected) 2023 first-round pick, Hart averaged 10.2 points, 7.0 rebounds, 3.6 assists (vs. just 1.5 turnovers), 1.1 made three-pointers and 1.4 steals. All while shooting a scorching 58.6% from the floor, 51.9% from downtown and 78.9% from the free-throw stripe. 

He posted similar numbers in the playoffs, though not quite as efficiently, helping lead the Knicks past Cleveland and to their first postseason series victory in a decade. Hart struggled over the final few games vs. Miami in the second round, but his overall production and importance to the franchise were evident.

From February 11th (the day Hart made his Knicks debut) through the end of March (a 21-game sample size), the Knicks bench was, by far, the best in the NBA. They outscored their opponents by 6.3 points per 100 possessions during this stretch. No other bench unit in the NBA had a Net Rating north of 5.0.

Hart finished the regular season with the best plus/minus on the team. New York scored more than 123 points per 100 possessions with Hart on the floor and allowed just 111.2 points (that number jumped up to 120.6 with Hart on the bench).

Hart's positive impact wasn't shocking to those who have followed his career.

Dating back to the start of the 2021-22 season, Hart has averaged 11.9 points (on 51.6% shooting), 7.5 rebounds, 4.0 assists (vs. 1.8 turnovers), 1.0 made three-pointers and 1.1 steals. 

He is one of only seven players in the NBA to average at least seven boards, four dimes, one steal and one made 3-pointer per game during this stretch. The other six players in this elite club are Nikola Jokic, Joel Embiid, LeBron James, Pascal Siakam, Jayson Tatum and Luka Doncic. 

Jokic and Embiid, the two players who have finished first and second in MVP voting the past two seasons, are the only players to also shoot over 50% from the floor.

According to Basketball-Reference, Hart is one of only three qualified players in the last 40 years listed under 6'6" to average more than six rebounds per game for their career. The other two are Russell Westbrook and Jason Kidd. 

And, remarkably, Hart's actual value exceeds what shows up in the box score each night. He has already established himself as an ultimate glue guy, positively impacting the game in various ways by doing all the little things (boxing out, talking on defense, hitting clutch 3's, pushing the ball in transition) that win basketball games. 

Arguably the biggest compliment you can pay any current Knicks is to assert they would fit in seamlessly playing alongside the beloved 90s-era Knicks. And I think, because of his rare combination of toughness, heart, skill and unselfishness, Hart would be embraced by Ewing, Oakley, Mason, Starks and company. 

Speaking with SNY's Ian Begley in Las Vegas last week, Hart explained why he decided to exercise the player option instead of testing free agency, providing the Knicks with increased financial flexibility. "I wanted to stay in New York; I wanted to give this team the chance to be the best team that it could be and help them compete," Hart said. "Opting in was definitely something that was going to help the team. To help us continue to build. I felt like that was something I wanted to do, something the team wanted also. So I wanted to be there, wanted the team to be the best that it could be, so I thought that was the best thing to do."

One note on the timing of the signing, as Fred Katz of The Athletic pointed out in a Twitter thread. A player is not trade-eligible for six months after signing an extension, and because the 2024 NBA trade deadline falls on February 8th (just shy of six months), Hart can't be dealt during the upcoming 2023-24 season. 

However, as evidenced by their lucrative, long-term commitment, the Knicks clearly plan to keep Hart in-house. 

And, as Hart told SNY, he and the team have big plans. "We gotta continue to get better. I think that's the biggest thing," Hart said last week. "I think we can continue to do that. We're hungry. I think no one's happy or complacent with where we ended up. I think we all felt like we could've got further. So we had that in the back of our mind."

The Knicks have increased their chances of advancing by ensuring Josh Hart is part of the organization for the foreseeable future.