The New York Knicks and OG Anunoby are set to agree to a five-year, $212.5 million contract that includes a player option and a trade kicker, according to ESPN's Adrian Wojnarowski.

Anunoby had recently opted out of his $19.9 million player option with the Knicks in favor of seeking a long-term, higher-paying contract from the team that invested a lot of assets to land him at the trade deadline. In a deal with the Toronto Raptors, New York forfeited Immanuel Quickley, RJ Barrett, and a second-round pick in exchange for Anunoby, Precious Achiuwa, and Malachi Flynn.

The Knicks had made Anunoby their top priority entering the offseason, which is why there was a lot of momentum to get a deal done before he officially hit free agency on June 30.

News of Anunoby's new contract with the Knicks, which can't become official until the free agency period begins, comes less than a full day after the Knicks pulled off a blockbuster trade for Mikal Bridges from the Brooklyn Nets. The Knicks now retain Anunoby before free agency, making them legitimate championship contenders next to the likes of the Boston Celtics in the Eastern Conference.

What makes Anunoby such a unique player for the Knicks is the fact that he contributes on both sides of the court. In addition to averaging 14.1 points and shooting 39.4 percent from three-point range in 23 games after being traded to New York ahead of the trade deadline, Anunoby consistently drew the assignment of guarding the other team's best player. Anunoby is viewed as one of the best wing defenders in the entire NBA.

With Anunoby on the court, the Knicks posted a 20-3 record during the regular season. New York was 6-3 in the playoffs when Anunoby played. Unfortunately, he dealt with a hamstring injury that limited his ability to be on the floor against the Indiana Pacers in the Eastern Conference Semifinals. The Knicks went on to lose this series in seven games.

Entering the 2024-25 season, Anunoby will now have the highest payroll on the Knicks. With a contract that has an annual average value of about $42.5 million, Anunoby will likely earn upwards of $48 million during the 2028-29 season, a year in which he gets a fifth-year player option.

This is just one of many contract situations the Knicks will deal with this offseason, as this new deal and the acquisition of Bridges now raises serious questions about Isaiah Hartenstein's future with the team. Hartenstein, who stepped up for the Knicks when Mitchell Robinson went down with various injuries, is viewed as one of the better free agents on the market. Inching dangerously close to the tax line and apron, it continues to look unlikely that the 26-year-old big man will return to New York in free agency. Jalen Brunson is eligible for a massive extension this offseason, one that he will receive from the Knicks, and Julius Randle is extension-eligible as well.

After making Anunoby their priority ahead of free agency, the Knicks now enter the 2024 NBA Draft on Wednesday night having decisions to make regarding the 24th and 25th overall selections.