Knicks will not offer Kristaps Porzingis max contract extension to preserve cap space

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Inking Kristaps Porzingis to a max five-year, $158 million extension to his rookie contract seems like a no-brainer for the Knicks. Porzingis is more than the best player on the Knicks, he is where the fans have placed their faith. Yes, he’s coming off an ACL tear that will keep him out for at least part of this coming season, but he is the Knicks’ cornerstone to their rebuild. The man should get paid.

And he will the Knicks say… just not this summer.

Team president Steve Mills and GM Scott Perry said at a press conference they talked with Porzingis about paying him as a restricted free agent next summer to preserve cap space to land more talent to play alongside him. From Marc Berman of the New York Post.

The Knicks hope to re-sign Porzingis when he is a restricted free agent in 2019. That way, the team could climb over the salary cap. An extension now would take up precious cap room. Doing it next summer would open up $10 million in cap space.

“Our philosophy is that we’re going to stay connected with [the Porzingis camp],” Perry said. “It’s a long-term thing. Obviously, you mentioned the point of the cap space in July. But we just feel like we’re in a real good space with him, as well as he is with us. And we’re going to do the right thing by him and this organization.”

“He’ll never feel like he’s not a cornerstone part of what we’re trying to do here,” Mills said. “He understands that. We make that crystal clear to him and his representation.”

The Knicks are going big game hunting next summer and Kyrie Irving is reportedly at the top of their target list. Jimmy Butler also could be an option (the Knicks are on his short trade list, but the team made it clear they are not giving up assets to get a player they can land in free agency).

What the Knicks are doing with Porzingis has been done before by teams, most notably the Spurs with Kawhi Leonard (and that move is not part of the ill-will between the sides that led to the trade to Toronto). It can work — if the player fully understands this is simply a cap/flexibility move and is not offended by the “snub.” The question is how does Porzingis and his camp feel about it? We will find out down the line.

Either way, the Knicks will be able to keep Porzingis, they can offer the same extension next summer, and can match any offer another team might make to poach the star big man. However, to get to that point Porzingis would have had to sign that offer sheet from another team, a sign of discord between the sides. The Knicks cannot let it get to that. They cannot allow bad blood build up. New coach David Fizdale flew to Latvia this summer to talk to Porzingis and get him on board with the plan. The energy seems good between them, the Knicks can’t let money get in the way of that.

At the press conference, the Knicks’ brass also refused to put a timetable on Porzingis’ return from the ACL surgery last February. He is expected to miss much of the season, not returning until around Christmas at the earliest and maybe closer to the All-Star break in February. Or later. The Knicks are not going to pressure him.