Knicks not planning to offer a contract extension to Kristaps Porzingis?

The New York Knicks are not planning to offer a contract extension to Kristaps Porzingis.

The Latvian forward is eligible to sign a five-year, $158 million contract.

But the Knicks are will likely try to re-sign Porzingis next summer when he will be restricted free agent.

Per NY Post, Knicks brass is paying off Kristaps Porzingis in encouraging words rather than extra millions. The Knicks have until mid-October to give Porzingis a $158 million contract extension but are not planning to do so.

At Thursday’s press conference, Knicks president Steve Mills and GM Scott Perry said Porzingis understands the predicament. Brass has taken great lengths to convince him he’s still “The Franchise.” … The Knicks hope to re-sign Porzingis when he is a restricted free agent in 2019. That way, the team could climb over the salary cap. An extension now would take up precious cap room. Doing it next summer would open up $10 million in cap space.

“Our philosophy is that we’re going to stay connected with ,” Perry said. “It’s a long-term thing. Obviously you mentioned the point of the cap space in July. But we just feel like we’re in a real good space with him, as well as he is with us. And we’re going to do the right thing by him and this organization.” Mills said they have made it clear to Porzingis the Knicks’ orbit still revolves around him. “He’ll never feel like he’s not a cornerstone part of what we’re trying to do here,” Mills said. “He understands that. We make that crystal clear to him and his representation.”