What happened: Karl-Anthony Towns told reporters at a morning shootaround in Philadelphia that he and the New York Knicks are not close on a new contract. He noted he is seeking an extension that values his contributions while allowing the franchise to keep its core intact.

Why it matters: The development confirms earlier reports that negotiations have stalled. Towns has emerged as a trade candidate if talks fail to progress, as his next deal carries significant financial implications.

What to watch: New York opens its preseason schedule against the Washington Wizards.