The New York Knicks announced Friday that the team has signed Mikal Bridges to a long-term contract extension.

The New York Knicks and wing Mikal Bridges have agreed to a four-year, $150 million contract extension, agents Sam Goldfeder and Jordan Gertler told ESPN's Shams Charania.

The New York Knicks are celebrating after signing Mikal Bridges to a four-year, $150 million extension. The deal is a major bargain for the Knicks, who save some money to sign other players in free agency in future seasons while retaining one of their key pieces to the puzzle.