The New York Knicks stunned the NBA Tuesday, firing head coach Tom Thibodeau after leading the team to the Eastern Conference Finals for the first time in 25 years. The move will cost the Knicks a pretty penny because they still owe Thibodeau tens of millions of dollars.
According to SNY’s NBA insider Ian Begley, the Knicks still have to pay $30 million to Thibodeau following a three-year extension he signed in July 2024. The contract was through the 2027-28 season.
Worth noting: Knicks owe Tom Thibodeau at least $30 million guaranteed on his recently-signed extension, per sources. Also worth noting: NYK won a playoff series in 3 straight years under Thibodeau: from 2001 to 2020, they won just 1 series. He built winning foundation here.
— Ian Begley (@IanBegley) June 3, 2025
Under Thibodeau, the Knicks had back-to-back 50-win seasons for the first time since 1995 and reached the playoffs in four of the five seasons, including the last three years.
“Our organization is singularly focused on winning a championship for our fans,” Knicks president Leon Rose said in a statement. “This pursuit led us to the decision to inform Tom Thibodeau that we’ve decided to move in another direction. We can’t thank Tom enough for pouring his heart and soul into each and every day of being the New York Knicks head coach.”
.@nyknicks Announce Coaching Change pic.twitter.com/XhWOUSwWvn
— NY Knicks PR (@NY_KnicksPR) June 3, 2025
ESPN NBA insider Shams Charania reports the Knicks “believe a new voice will serve as the focus for the organization’s next step.”
The Knicks are singularly focused on their pursuit of a championship and believe a new voice will serve as the focus for the organization's next step, sources said. After five seasons with the Knicks, Tom Thibodeau is out as head coach. https://t.co/OmVzLwKEvY
— Shams Charania (@ShamsCharania) June 3, 2025
The biggest criticism Thibodeau faced was the high minutes his starters were playing while many teams would load manage their stars. However, he was able to get the best out of his team.
The Knicks were 226-174 under Thibodeau, giving him the fourth-most wins in franchise history. He was also 24-23 in the playoffs.
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