Immanuel Quickley Extension Could Benefit Knicks Financially

With the New York Knicks shipping off forward Obi Toppin to the Indiana Pacers this summer, that leaves one less name to worry about when it comes to contract extensions.

However, with Immanuel Quickley still on the roster – and very much eligible to sign long-term – the Knicks will need figure out their course of action.

Quickley is a 6’3 combo guard who has a fairly unique skill set. Not only is he a strong shooter (37.0% on 5.6 attempts), he’s also one of the league’s best guard rebounders (4.2 per game in just 28.9 minutes), and he has both playmaking and defensive upside. Quickley finished second in Sixth Man award voting this past season, averaging 14.9 points.

Interestingly, Quickley performed even better as a starter, putting up 22.6 points, 5.4 rebounds, and 5.1 assists in 21 games as part of the starting unit.

In short, Quickley is a considerable talent, worth hanging onto.

Michael Scotto of HoopsHype has previously reported how a deal in the range of $20 million per year could materialize from the side of the Knicks, and that Quickley himself is looking for over $100 million total over four years, thus $5 million more annually.

Usually, being separated by $5 million per year is a fairly large gap. But in today’s economic climate, the Knicks must realize that retaining a quality talent on a contract that will only get better is worth it.

The NBA’s salary cap can only increase by a max of 10% year by year, per new CBA rules, but with a new TV deal looming, odds are good the cap will indeed increase by that amount for a while. As such, any contract Quickley signs will see his cap percentage hit decrease over time.

Let’s move to 2024, when a Quickley extension would kick in. The cap next year, assuming the full 10% increase, would land at $149.6 million.

Now let’s assume the Knicks and Quickley did indeed agree to a four-year deal worth $100 million, and that the Knicks decided to do something clever, and give Quickley a flat rate of $25 million per year every season over four years.

The first-year salary would amount to just 16.7% of the 2024-2025 salary cap. For a player who is of starting caliber, that is a steal.

But it gets better.

By 2025, again assuming another 10% cap increase, and with Quickley still earning the flat rate of $25 million, his cap percentage hit drops to 15.2%.

The final two years of his contract? 13.8% and 12.5%.

That’s a starting caliber player locked up for four years, on a deal that will occupy under 15% of the cap in the final two seasons, and never even crack 17%. However the Knicks slice it, that’s tremendously good value, particularly if they structure the contract as a flat rate, so Quickley’s percentage hit is lowered in later years.

In fact, the Knicks should even attach a fifth year, which is now allowed on extensions, just to keep Quickley in the fold. Surely the raw dollar figure of a $125 million deal would be of intrigue to Quickley and his agent. Not only is that generational wealth, it’s also long-term insurance.

Quickley would be 30 by the time the contract is up, and his game should translate well as he ages. In theory, he’ll have strong odds of signing one more big hit deal in 2029, potentially for more money than his initial extension which should allow him to earn in the vicinity of $260-270 million over his career.

Of course, Quickley could have higher aspirations. Perhaps he believes that his role is not that of a solid starter, but rather a star. If so, he’d likely be interested in a salary more reflective of that.

So let’s see how his cap percentage hit would look like if he sought – and received – $30 million annually over four years, also calculated off the flat rate.

2024-2025: 20.0%

2025-2026: 18.2%

2026-2027: 16.6%

2027-2028: 15.0%

While it’s obviously more expensive than as the previous example, it’s clear that even an annual flat salary rare of $30 million represents a fairly low cap hit, percentage-wise.

For quality players looking for rookie extensions, it’s almost impossible to overpay them at this stage due to the league’s financial health.

For the Knicks specifically, a Quickley extension aligns perfectly with the conclusion of Evan Fournier’s deal next summer, as his contract comes off the books.

Now it’s just about getting two sides to agree to a number.

Unless noted otherwise, all stats via NBA.com, PBPStats, Cleaning the Glass or Basketball-Reference. All salary information via Spotrac. All odds courtesy of FanDuel Sportsbook.