Change is the only constant, isn’t it? But when that change demands a shakeup, it pushes away major pieces. This is the story of the New York Knicks right now. After their Eastern Conference Finals heartbreak, Jalen Brunson and KAT hinted at possible moves that would happen. But things would be so fast? Who knew? This time, the one on the radar is Tom Thibodeau. Yes, their head coach.

And as always, ESPN’s Shams Charania has brought a piece of heartbreaking news himself. Tuesday turned out to be a tough day for Tom Thibodeau as the team fired him from his coaching duties. Charania reported:

“Tom Thibodeau led the Knicks to their first East Finals in 25 years, made playoffs in 4 of 5 years and led Knicks to consecutive 50+ win seasons for first time since the 1990s. 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.”

Thibodeau has been a Knicks veteran of some sort. He was the assistant coach from 1996-2003. Then he made a comeback in 2020, took hold of the reins, and paved the way for the franchise’s Conference Finals in 25 years. Unbelievable! But then, as mentioned before, change is the only constant, and Leon Rose is looking forward. Straight into the future.

However, this brings us to an extremely crucial question, and that is what will happen to the $11 million contract extension that he signed earlier in July 2024?

Tom Thibodeau’s exit has handed the New York Knicks a big bill

Ian Begley reported the Knicks owe Thibodeau at least $30 million guaranteed on his recently signed extension. After firing Tom Thibodeau, the New York Knicks will reportedly owe him the full remainder of his guaranteed contract, which was extended in 2024 to run through the 2027–28 season at an annual salary of approximately $11 million. Since Thibodeau already earned $8 million during the 2024–25 season, the Knicks are now on the hook for the remaining three years—2025–26, 2026–27, and 2027–28—amounting to a total payout of $33 million.

Thus, the Knicks’ bold pursuit of change comes at a steep cost. Letting go of Tom Thibodeau means parting ways not just with a coach but with a hefty $33 million price tag. While the franchise eyes a fresh voice and a brighter future, the echoes of Thibs’ impact still linger. Only time will tell if this gamble pays off. For now, the bill is signed, sealed, and guaranteed.