The extension might not have happened if the Knicks believed they had a serious shot to land an elite player in a trade this summer.

The New York Knicks find themselves in a holding pattern. Mikal Bridges, one of their newest core players, is eligible for a contract extension, yet no deal has been struck. It’s not a matter of value; the Knicks gave up five first-round picks (or five very promising varsity players) to acquire him. So what’s the holdup?