Tom Thibodeau has been regarded as one of the better head coaches in the NBA over the last couple of decades. First coming into the national spotlight with the Chicago Bulls, Thibodeau has had multiple successful stints with the Minnesota Timberwolves and, more recently, the New York Knicks.
After a five-year run in New York, Thibodeau’s tenure came to a shocking and unexpected end. Their first trip to the Eastern Conference Finals in 25 years ended in a heartbreaking six-game series to the Indiana Pacers. Soon after, the revered head coach was relieved of his duties. Where does the move leave the 13-year head coach financially?
What Was Tom Thibodeau’s Contract?
Joining the Knicks in 2020, the team brought him on for a five-year deal worth $40 million. However, with the success he brought to the franchise, a three-year extension worth $30 million was agreed upon by both parties on July 24, 2024.
Spotrac reported on X, “The #Knicks gave Tom Thibodeau a 3-year contract extension through the 2027-28 season that reportedly guaranteed him $30M. NY will now pay that as a buyout before the extension ever kicked in.”
The #Knicks gave Tom Thibodeau a 3-year contract extension through the 2027-28 season that reportedly guaranteed him $30M.
NY will now pay that as a buyout before the extension ever kicked in.
— Spotrac (@spotrac) June 3, 2025
The Knicks will now begin the search for a new voice at the top of the pyramid. For Thibodeau, it will be the third time he’s looking for a new head coaching gig since ending his tenure with Chicago.
Over his five years as the lead voice in New York, Thibodeau took them to the postseason four times, with two appearances in the conference semifinals in 2022-23 and 2023-24, before finally reaching the Eastern Conference Finals this year.
The three-year deal was tied for the highest average annual value of his career, with the four-year contract he signed with the Timberwolves in 2016, worth $40 million.
What Was Thibodeau’s Salary?
For the 2024-25 season, Thibodeau was slated to earn $8 million, as part of his original contract with the Knicks that he signed back in 2020. His new extension was going to start from the 2025-26 season.
Before his stint in New York, Thibodeau was earning $10 million with the Timberwolves during his four years with the team. With the Bulls, though, his salary changed midway through his tenure.
Initially joining the team on a three-year deal worth $9,999,999, his average annual salary was just $3,333,333. However, a contract extension in 2012 worth $17.5 million over a four-year period guaranteed him a salary worth $4.375 million per year.
What Is Thibodeau’s Net Worth?
According to most online sources, including Celebrity Net Worth, the former Knicks head coach had a net worth of close to $12 million. With a high-profile job in the most competitive and biggest basketball league in the world, Thibodeau raked in a substantial financial amount.
Before his 13-year run as a head coach in the NBA, though, Thibodeau spent nearly 30 seasons working in assistant roles for NCAA and NBA teams like the San Antonio Spurs, Philadelphia 76ers, Houston Rockets, and the 2008 NBA champion Boston Celtics.
At the time of his firing, Thibodeau was the oldest head coach in the NBA after Gregg Popovich announced his retirement earlier in the year.
With the Knicks continuing to pay the contract extension the two sides agreed upon in 2024, his net worth number should only trend upward in the coming years. But with a plethora of teams looking for a new head coach, there is always the possibility that the veteran is back in a head coaching chair sooner rather than later.
