The New York Knicks' latest contract offer to six-time NBA All-Star Karl-Anthony Towns was worth approximately $200 million over four years, according to ESPN's Shams Charania.
That proposal is roughly $76 million below Towns' maximum extension value.
"My understanding is KAT would be willing to take tens of millions of dollars less than that max number, but he feels that current offer is just too steep and too extreme of a pay cut to take," Charania said on NBA Today.
The Knicks have now officially paused extension negotiations, with the organization announcing that it will not discuss new deals until later in the season.
"This is the Knicks attempting to essentially eliminate the distraction, eliminate the growing cloud around the team that has come from the fact that there is no extension for Karl-Anthony Towns or Josh Hart yet, and trying to bring the focus back to basketball," Charania said.
Towns reportedly wants Knicks to improve $200M offer
According to Charania, negotiations between Towns and New York had already been inactive for some time before the Knicks publicly shut down extension talks.
"Karl-Anthony Towns wants a contract extension," Charania noted. "The Knicks have now stated and fully shut the door that there won't be an extension."
"The Knicks' offers are where they're at. They have not really moved recently," the NBA insider said.
Charania added that Knicks owner James Dolan has directed the organization to remain below the second apron, while Towns has been willing to discuss arrangements that could accommodate that goal.
"Karl-Anthony Towns clearly feels like they're not even close to where he would be willing to go," Charania said. "Opening night is now 11 days away, and James Dolan and the Knicks have shut the door on Karl-Anthony Towns' wishes for a contract extension."
New York currently has four players eligible for extensions – Towns, Hart, Miles McBride, and Tyler Kolek – with the deadline to complete those deals set for June 30.