New York Knicks expected cap space: Full salary breakdown

As it currently stands, the New York Knicks have already committed $154 million in salary for next season are $27 million under the luxury tax. The franchise can lower their cap hit by waiving Bojan Bogdanović's non-guaranteed contract but New York will likely keep the veteran as trade bait for this offseason and trade deadline period.

This offseason, the Knicks currently have two major free agents, OG Anunoby and Isaiah Hartenstein. The franchise is likely to re-sign Anunoby with the question being how much money it will cost annually to keep him. The former Raptor was acquired at the trade deadline for R.J. Barrett and Immanuel Quickley. Anunoby has shined during his brief stint with the Knicks averaging 15.1 points, 3.9 rebounds, and 2.7 assists per game on 48 percent shooting.

Hartenstein on the other hand is in a different situation as New York can only offer a four-year, $72 million contract because of CBA rules. Hartenstein averaged 7.8 points, and 8.8 rebounds per game on 64 percent shooting in the regular season. The big man shined in the postseason by averaging 8.5 points and 7.8 rebounds per game on 59 percent shooting, and his defense and passing were huge.

The center will likely get offers of $80-to-100 million over the same four years from other contending squads. Oklahoma City, who is presumably just beginning their contending days, has indicated a desire to sign Hartenstein this offseason.

Finally, the franchise will decide whether to keep Precious Achiuwa as a restricted free agent. Achiuwa averaged 7.8 points and 7.2 rebounds per game on 52 percent shooting during the regular season. As the Knicks make these decisions, the franchise will also keep in mind the long-term future of Julius Randle.

2024-25 Knicks expected cap space breakdown

One major question that will likely be answered in August is the future of Julius Randle. The veteran can be a free agent next offseason (player option) and hasn't been the most consistent star for the Knicks. Randle hasn't exactly played up to his All-NBA level stats at times despite averaging 24.0 points, 9.2 rebounds, and 5.0 assists per game on 47 percent shooting.

The franchise also has to deal with the future of head coach Tom Thibodeau, who is looking for a long-term contract extension with his deal ending next season. The head coach likely needs to work on his injury management on stars but the former Bulls coach is one of the biggest reasons for the Knicks' renaissance in recent years.

While the Knicks already have major pieces in place, the franchise does have their work cut out for them ahead of the offseason.