New York Knicks Terminate Coaching Contract with Thibodeau, Obliged to Pay Over $30 Million in Extension Fees
Fired for Better: Tom Thibodeau out as New York Knicks Coach
Ditching their head coach right after a playoff run that made Knicks fans dance for 25 years? Tricky move, but here we are!
The Knicks shockingly parted ways with Tom Thibodeau mere days after they were booted from the Eastern Conference Finals, marking their best playoff run in more than two decades. The split comes ahead of the three-year contract extension Thibs signed last year, which would have kicked off during the 2025-26 season and awarded him a whopping $11 million each year—tied for sixth among the NBA’s fattest coach paychecks.
Sources spilled the beans that Thibodeau is due the exact amount from his extension, with offsets if he grabs another head coaching gig. The Knicks remained tight-lipped about the specifics of his contract.
The Knicks welcomed Thibs on board for the 2020-21 season and locked him in for a contract extension last summer, following their first 50-win season since 2012-13 and a consecutive Eastern Conference semi-finals stint.
Two-time NBA Coach of the Year, Thibs, has a reputation as a defensive wiz with unmatched attention to detail. His intense coaching style has proven too much to handle for some teams in the past.
"Winning a championship for our fans is our sole focus," Leon Rose, Knicks president, stated in a statement. "We believe this decision positions us favorably for that objective."
The Knicks last celebrated a title in 1973, and they suffered two heartbreaking NBA Finals losses in 1994 and 1999.
With 226 regular-season wins as Knicks coach over five seasons, Thibs ranks fourth in franchise history. With the recent retirements of Gregg Popovich and firings of Michael Malone and Taylor Jenkins, there were only two coaches standing longer with their current teams than Thibs—Erik Spoelstra (Miami Heat) and Steve Kerr (Golden State Warriors).
### Extra Dish
Ballin' on a Budget:
Surprised about Tom Thibodeau's salary? Here are a few other coaches with deep pockets:
- Gregg Popovich (although no longer actively coaching, he used to make $17 million annually)
- Rick Carlisle (coaching the Indiana Pacers on a $7.25 million annual salary)
- JJ Redick (new to coaching, details about his paycheck are under wraps, but he's already spinning through the high-earner discussion)
- Erik Spoelstra (though specific figures for Spoelstra weren’t disclosed in our search results, he's a top earner and respected coach)
Thibodeau was pulling in $11 million during the 2024-25 season, compared to Steve Kerr's $17.5 million salary.
Despite his impressive tenure with the New York Knicks, Tom Thibodeau's coaching contract was terminated, making room for a potential championship run. It's worth noting that Thibodeau's salary of $11 million was lower compared to some other coaches in the NBA, such as Steve Kerr who earned $17.5 million during the same season.
