Less than a week before training camp begins, the New York Knicks still have a Karl-Anthony Towns-sized elephant in the room.

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The 30-year-old big man, who played a big part in the Knicks ending a half-century championship drought in June, has been eligible for a five-year, $272 million extension for the last two summers, yet the sides haven’t agreed on a deal.

The two sides are far enough apart now, per multiple league sources, that this could linger into the regular season, and perhaps beyond. However, league sources said the Knicks expressed that they want to keep Towns. Towns expressed during the season that he wants to remain in New York. ESPN recently reported that talks have stagnated between the two sides. Towns has a player option for 2027-28 for $61 million, so he could potentially become a free agent next offseason. The two sides can negotiate an extension until he becomes a free agent.

New York won’t be offering Towns his potential maximum deal, as The Athletic reported earlier this offseason. New York is currently just under the second apron and will likely continue to be up against it for the foreseeable future after Mikal Bridges signed a $150 million extension last summer. OG Anunoby is making more than $40 million for the next few seasons, Josh Hart is also extension-eligible now and Jalen Brunson, who has already signed a below-market extension, will become extension-eligible next summer.

Owner James Dolan has said publicly that he doesn’t want New York to go above the second apron, which is part of why the Knicks had to let Mitchell Robinson walk in free agency and are at a stalemate with Towns.

From New York’s perspective, an extension for Towns with annual salaries in the $45-50-ish million range would be the sweet spot, allowing them to keep their All-NBA talent and roster flexibility. However, that would put Towns nearly $20 million below his max annually. The hold-up is the inability to find a meeting point where the Knicks can have flexibility and Towns can get close to market value without feeling severely underpaid.

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Examining players who entered the NBA around the same time as Towns, Washington Wizards guard Trae Young is making just south of $213 million over the next four years. San Antonio Spurs guard De’Aaron Fox will make $221 million over the next four seasons. Phoenix Suns guard Devin Booker is due more than $60 million annually over the next two seasons. These players will earn more than $50 million annually for all or most of their current deals. When Towns and his team analyze his market value, he surely sees himself as worthy of a deal similar to, and larger than, these names.

Since joining the Knicks just before the 2024-25 season, Towns has two All-Star appearances, an All-NBA selection and helped the Knicks reach back-to-back Eastern Conference finals while hoisting the Larry O’Brien this past season.

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.

In July 2024, Brunson signed a four-year, $156.5 million extension a year before he was eligible to sign a deal that would have paid him $113 million more. Brunson’s decision helped the Knicks build the team around him that won it all this past June.

Clearly, Towns and the Knicks haven’t found a proper middle ground that appeases both sides, which is why extension talks have stalled.

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