Report: Knicks finalizing four-year extension with RJ Barrett, taking him out of Mitchell talks

Leon Rose‘s Knicks have broken one of the franchise’s worst patterns: For the first time since Charlie Ward in the mid-90s, they are paying to keep their best young talent in house and not trading him for an older veteran.

The Knicks are finalizing a deal to sign wing RJ Barrett to a four-year, up to $120 million extension, reports Adrian Wojnarowski of ESPN. The real key is that deal takes Barrett off the table in any Donovan Mitchell trade talks.

New York Knicks guard RJ Barrett is finalizing a four-year rookie extension that could be worth up to $120 million, his agent Bill Duffy of @BDA_Sports + @WME_Sports told ESPN, complicating the franchise’s offseason trade pursuit of Utah Jazz All-Star Donovan Mitchell. pic.twitter.com/6KkGm4ch8o

— Adrian Wojnarowski (@wojespn) August 30, 2022

New York’s Leon Rose set a Monday night deadline with Utah to reach an agreement on a trade for Mitchell – or the Knicks would commit to the Barrett extension, sources said. Knicks, Jazz closed gap on deal points in recent days on a Mitchell trade, but neither would go further.

— Adrian Wojnarowski (@wojespn) August 30, 2022

After he signs this extension, Barrett can’t be traded until Jan. 15, and has veto power over any trade for a year. The Knicks can still trade picks — unprotected first-round picks have been the sticking point more than players — and other players such as Obi Toppin or Quentin Grimes for Mitchell, but Barrett is off the board. How much the Jazz wanted Barrett depends on who you asked.

We don’t know the parameters of the extension yet, but that $120 million number probably includes unlikely incentives. It will be interesting to see the actual guaranteed money number, but it is likely closer to what the Knicks just paid