One of the worst patterns in the franchise has been broken by Leon Rose's Knicks: They are paying to keep their finest young talent in-house for the first time since Charlie Ward in the middle of the 1990s by signing a rookie to a multi-year contract extension instead of moving him for an older veteran.
According to Adrian Wojnarowski of ESPN, the Knicks are close to agreeing to a four-year, up to $120 million extension with wing RJ Barrett. The main development of this contract is that it removes Barrett from consideration in negotiations for Donovan Mitchell.
After agreeing to this extension, Barrett will have a one-year veto over any trades and won't be able to be dealt until January 15. More crucially, the poison pill results in a massive imbalance between Barrett's outgoing and entering salaries of $10.9 million and $26.2 million, forcing a third team into the contract. Barrett is no longer available, but the Knicks can still trade picks (unprotected first-round picks have proven to be more difficult to transfer than players) and other players, such as Obi Toppin or Quentin Grimes, in exchange for Mitchell. It depends on who you ask how badly the Jazz wanted Barrett.
Although we don't yet know the agreement's details, the $120 million figure undoubtedly includes improbable incentives (Ian Begley reports All-Star, All-NBA, and All-Defensive Team incentives). It will be interesting to see the precise guaranteed amount, although it is probably closer to the $104 million over four years that the Knicks recently gave to Jalen Brunson.
At age 21, Barrett averaged 20 points per game. He can generate his shot on his own and finish at the rim. Unquestionably talented, the Knicks want more consistency from Barrett. If his jumper improves (34.2% from three last year, but he's still not a great perimeter shooter off the dribble), he can become a dominant offensive force. He can be a defensive pain, but he's still developing his athleticism.
A positive sign for the Knicks organization is that the team kept the third overall first-round pick. Rose keeps making wise decisions, albeit not always the daring ones Knicks supporters desire.
Although it's still possible, the Mitchell transaction is still a possibility; a minor alteration has been made.
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