The New York Knicks' emergence as one of the league's most entertaining and tenacious teams has been among the standout narratives in the NBA over the past two seasons.
However, this remarkable journey might not have been possible without an unusual clause in Knicks small forward Josh Hart's contract.
The 29-year-old's ongoing three-year deal, inked with the New Orleans Pelicans in 2021, features a rare structure wherein both team and player options are layered on top of each other, according to Alex Schiffer of Front Office Sports.
NBA contracts typically include either a player or team option, commonly in the final year of the agreement.
Hart signed a three-year contract worth $38 million with the Pelicans, with only the first year guaranteed at $12 million.
The second year of the deal was a team option held by the Pelicans, while the third and final year of the contract, the ongoing 2023-24 season, was a player option held by Hart.
How Josh Hart's contract helped the Knicks
Hart joined the Knicks through a trade in February 2023, and during the subsequent summer, the team was eager to offer him a new contract due to his consistent contributions since his arrival.
With the 2023-24 season as a player option, Hart could have chosen to opt out, potentially seeking a more significant contract.
However, he decided to opt in on the player option, valued at almost $13 million, to provide greater financial flexibility for the Knicks.
This move allowed the team to free up enough salary cap space to sign guard Donte DiVincenzo, Hart's former teammate from Villanova.
Hart signed a new four-year contract with the Knicks worth $81 million, set to take effect next season.
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