The New York Knicks will begin searching for a new head coach after deciding to fire Tom Thibodeau. Despite leading New York to four playoff appearances in five seasons, the franchise believes it's best to move on from Thibs. Even if the club is eating an insane amount of money in doing so.

Reports indicate that the Knicks will pay Thibodeau at least $30 million upon firing him, according to Ian Begley of SNYtv. The 67-year-old signed a three-year contract extension with New York that gave him roughly $30 million in guaranteed money. Thibodeau signed that deal in July 2024.

“Worth noting: Knicks owe Tom Thibodeau at least $30 million guaranteed on his recently signed extension, per sources. Also worth noting: NYK won a playoff series in 3 straight years under Thibodeau: from 2001 to 2020, they won just 1 series. He built a winning foundation here.”

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The decision comes after the Knicks suffered a 125-108 Game 6 loss to the Indiana Pacers that eliminated them in the Eastern Conference Finals. It was the deepest playoff run for New York since the 1999-2000 season. Despite that, general manager Leon Rose felt it was best to find a new head coach, as the organization continues its quest for a title.

We could be in for an incredibly busy offseason for the Knicks. The decision to move on from Thibodeau was a bit of a surprise. However, since being eliminated from the playoffs, New York has been rumored to make big trades to build around point guard Jalen Brunson.

Tom Thibodeau ends his tenure with the Knicks with a 226-174 career record. That's a solid record for any head coach, however, the organization might be looking at his career playoff record with the team, which sits at 24-23 in five seasons. An argument can be made that he's a very capable head coach for the regular season, but he falls apart come playoff time.