The New York Knicks are excited after extending Mikal Bridges' contract for four more years. The deal will pay Bridges $150 million with a player option in the 2029-30 season, but the contract has a wrinkle that will affect the Knicks for a long time. CBS Sports writer Sam Quinn explained the financial implications of Bridges' new contract.

The New York Knicks announced Friday that the team has signed Mikal Bridges to a long-term contract extension.

Mikal Bridges has agreed to a four-year, $150 million contract extension with the New York Knicks. The deal, reported Thursday by ESPN, has seemingly been in the works for more than a year after the Knicks acquired Bridges last offseason in a blockbuster trade with the Brooklyn Nets.