Knicks Owe Tom Thibodeau a Ton of Money After Firing Thanks to 2024 Extension

The New York Knicks fired Tom Thibodeau on Tuesday. It is a decision that will have long-reaching consequences—and it turns out, it'll be very expensive too.

In the aftermath of the stunning decision to move on from Thibodeau, Knicks insider Ian Begley reported the franchise owes its former head coach a ton of money despite firing him. According to Begley, the Knicks owe Thibodeau at least $30 million as a result of the extension he signed last summer.

That's a huge dollar figure for a coach who won't be employed by the organization going forward, and illustrates just how significant this decision is for the Knicks. Not only did they fire the coach who helped turn the team's reputation around and led them to their best record in 25 years this past season, they did so at an enormous financial cost. New York is on the hook for Thibodeau's money on top of whatever the salary ends up for the coach coming in to replace him.

Thibodeau signed the extension in 2024 after leading the Knicks to three winning seasons in four years at the helm. He seemed a good match for the organization and the front office apparently agreed, at least to the extent they were willing to offer that much money with the extension. One year later and everything has changed.

Such is the nature of sports. The landscape shifts with phenomenal speed. In this instance, the Knicks will pay a massive bill as a result.

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