Knicks' Karl-Anthony Towns gets major contract extension timeline, will have to make 'sacrifice'

The New York Knicks are gearing up for another run at the NBA Finals after reaching the championship series last season. For the most part, the organization has the same core coming back.

"Talks have stagnated between the New York Knicks and Karl-Anthony Towns on a contract extension, and an agreement is considered unlikely as the team begins training camp next week, sources told ESPN on Wednesday. The sides have spent extensive time discussing a potential extension during the offseason, but there has been no movement lately in negotiations," ESPN wrote.

While there seems to be no movement toward a deal right now, Towns is willing to take a pay cut in an extension.

"Towns is willing to play on a deal that isn't the max to help New York, per league sources, but it's still unclear how much he's willing to leave on the table. This is likely the last massive contract opportunity for Towns, who turns 31 during the season," The Athletic's James Edwards III said.

The center played a crucial role for the Knicks, including in their efforts to slow down Victor Wembanyama . NBA insider Brett Siegel doesn't think an agreement will come anytime soon, and if it does, he believes Towns is going to have to make a sacrifice.

"Karl-Anthony Towns is going to have to take a discount if he wants to remain with the Knicks. Jalen Brunson did so for them to win a championship… It's gonna have to be Towns to be the one to sacrifice… I don't think an extension gets done anytime soon," Siegel said.

There is no clear answer in sight in terms of what is actually going to happen. There is no doubt that Towns wants to remain in New York; it is just a matter of how far he is willing to come down financially.

The Knicks don't want to lose their starting center, but they also don't want to overpay, which could put them in a difficult position when it comes to other contracts. Ultimately, the decision could come down to how much Towns is willing to sacrifice financially, and Siegel believes that choice may not come anytime soon.