The Knicks can offer Julius Randle a contract extension this offseason. Or they can let him enter the 2022 offseason as an unrestricted free agent.
How New York approaches Randle’s next contract will likely impact the franchise for years to come.
With that in mind, we took a look at some of the Knicks’ options – and the implications of those options.
So what can the Knicks offer Randle?
Randle is going into the third year of his Knicks tenure, so he isn’t eligible for a significant salary increase via an extension. According to ESPN’s Bobby Marks, the Knicks can offer Randle a four-year, $106 million extension that would keep him in New York through 2025-26.
Randle would be 31 entering free agency and eligible for a max contract worth 35 percent of the salary cap.
Several agents and opposing teams speculate that Randle would politely decline this extension. The reason? Randle could make significantly more money if he became an unrestricted free agent in 2022.
If he declined an extension offer and entered 2022 as a restricted free agent, Randle could sign a five-year contract with New York worth 30 percent of the salary cap.
Passing on the extension comes with risk, of course. Randle would be forgoing $106 million in guaranteed money and betting that he can maintain his level of play in 2021-22.
The Knicks would have Randle’s Bird Rights entering the 2022 offseason. So the club could use its cap space to sign other free agents and exceed the cap to sign Randle (whose cap hold would count against New York’s cap space during free agency).
One potential middle ground option? The Knicks and Randle agree to a two-year extension this summer.
In the 2024 offseason, Randle, as a ten-year vet, would be eligible for a five-year contract worth 35 percent of the cap.
This seems like a solid option for both the Knicks and for Randle.
The Knicks would have the opportunity to pursue other top free agents in the summer of 2022 or 2023. Randle would be able to sign a bigger max contract in 2024.
If Randle declines an extension offer and becomes a free agent in 2022, the Knicks would be able to ink another max free agent in 2022 or beyond. But it becomes a bit more difficult to do so.
That factor is important if you think that Randle is best as a No. 1-B or No. 2 option. If that’s the case, it’s imperative that New York adds the right star alongside Randle. That addition could be the difference between Randle and the Knicks being a perennial playoff team and championship contender.
Also worth noting: during the season, some within the organization felt that keeping their cap space open for 2022 was a priority with regard to a Randle extension. But as recently as the final weeks of the regular season, New York had been resolute in trying to find a deal that worked best for both Randle and the organization.
The club obviously wants to keep Randle in the fold because of his strong play on the court. But people in the organization also value and appreciate Randle’s ability to handle adversity in New York. They are impressed by Randle’s ability to thrive this past season after dealing with all of the negativity of his first season in New York.
Randle talked about his ability to handle the scrutiny of New York during an interview with Fat Joe earlier.
“Everybody can’t come to New York and take the hits, take the hits of the city, take the hits of the media, take the hits of the fans,” Randle said. “It’s real."
“That’s what I signed up for,” he added. “... I felt like I was meant for this.”
