Knicks' Karl-Anthony Towns gets major contract extension timeline update after being disappointed

The New York Knicks have started the season 0-2 after winning the NBA Finals just a few months ago. It isn't the start the team wanted, but with 80 games left to play, there is no reason to panic just yet.

Before the season started, the organization attempted to extend Karl-Anthony Towns and Josh Hart. However, the Knicks shut down those discussions to focus on the regular season and limit distractions.

"As an organization, our entire focus is on preparing for the upcoming season and delivering another year for our fans to be proud of. As a result, we will not be negotiating contract extensions until later in the season and will remain solely focused on preparing for the start of the season," a Knicks spokesperson told ESPN's Shams Charania.

Although the decision was intended to limit distractions, the attention surrounding the situation may have made matters worse. Towns expressed disappointment when asked about the Knicks' decision to halt extension talks.

"It was news to me. Very disappointed to say the least. Let's state the obvious. It's business, but there is business on the court for us to handle," Towns said.

While no deal was reached during the offseason, there now appears to be a clearer idea of Towns' asking price and a potential timeline for when both sides could reach an agreement.

"The word on the street over the last few weeks is that Towns wants something in the $225-240 million range on a four-year extension… When asked about not receiving an extension, Towns was upset, but he made it clear that it is just business… Many around the NBA anticipate the Knicks and Towns agreeing to a new extension sometime in the middle of the 2026-27 season," NBA insider Brett Siegel wrote.

For Towns, it should be encouraging to know that an extension could still be on the table, even if an agreement does not come until the middle of the season. Once a deal is finalized, the center can focus entirely on basketball without the uncertainty surrounding his contract.

The Knicks are looking to get into the win column after their slow start, and resolving the contract situation could help provide some clarity moving forward. If the two sides reach an agreement midway through the season, Towns would have greater certainty about his future in New York.