Mikal Bridges Becomes Eligible for Two-Year, $72.5M Extension with Knicks on Oct. 1

New York Knicks veteran forward Mikal Bridges will become eligible for a contract extension worth $72.5 million over two seasons on Oct. 1. Bridges, 28, could also wait until next offseason to sign a three-year, $112.9 million deal. However, according to a source close to Yossi Gozlan, a four-year, $156 million contract in 2025 is possible.

New York Knicks acquired Mikal Bridges from Brooklyn Nets in a trade for five first-round picks, pick swap

The Knicks acquired Bridges in June from the Brooklyn Nets in exchange for five first round picks and a pick swap. Bridges has until the start of the season to sign the two-year, $72.5 million extension.

Since the four-year, $90.9 million extension that Bridges signed with the Phoenix Suns in 2021 does not contain any options, his extension cannot begin until the 2026-27 season.

Based on his current contract, he’s slated to earn $23.3 million in 2024-25 and 24.9 million in 2025-26. At the moment, the Villanova product is the fourth-highest paid player on the Knicks.

Mikal Bridges is eligible to sign a 4-Year, $156M contract next offseason, per @YossiGozlan. pic.twitter.com/640QH9pa9e

— KnicksMuse (@KnicksMuse) July 12, 2024

Per Spotrac, OG Anunoby has a $36.63 million cap hit for 2024-25. That accounts for 26.06% of the league cap. Julius Randle is second with $28.93 million, followed by Jalen Brunson with $24.96 million. In fact, Bridge’s deal takes up roughly 16.57% of the salary cap.

According to RealGM, for Bridges to maximize his earning potential, he would have to wait until 2026 as a free agent and then sign a five-year, $297 million contract at 30% of the NBA salary cap.

Bridges is expected to sign the two-year, $72.5 million extension

Furthermore, Mikal Bridges is expected to sign the two-year, $72.5 million extension with the Knicks, per Marc Stein. It was reported by Forbes’ Evan Sidery that he would “take a discount on his upcoming new long-term deal.” The 6-foot-6 Bridges is represented by agents Jordan Gertler and Sam Goldfeder.

In a full 82-game season (all starts) with the Nets in 2023-24, he averaged 19.6 points, 4.5 rebounds, 3.6 assists, 1.0 steal, and 34.8 minutes per contest. Plus, he shot 43.6% from the field, 37.2% from 3-point range, and 81.4% at the free throw line.

Per Basketball-Reference, he finished 12th in 3-pointers (220) and 10th in 3-point attempts (592). Bridges also ranked 18th in field goal attempts (1,294), 12th in field goals missed (730), and fourth in minutes played (2,854).

In Brooklyn’s 147-145 loss to the Atlanta Hawks on Nov. 22, 2023, Bridges recorded a career-high-tying 45 points, 10 rebounds, four assists, and two steals in 43 minutes of action.

Additionally, Bridges became the first NBA player in 2022-23 to play 83 games in a season since Josh Smith in 2014-15. The Pennsylvania native appeared in 56 games with Phoenix and 27 with Brooklyn that campaign.

In Brooklyn’s 108-103 loss against the Knicks on Jan. 23, 2024, the forward scored 36 points and hit a career-high seven 3-pointers. Of course, he finished 14-of-26 (53.8%) shooting from the floor and 7-of-13 (53.8%) from deep.