Against all odds the New York Knicks are 2026 NBA champions. But there is a financial price to pay.The Knicks brought the NBA championship to the city of New York for the first time since 1973GettyAfter steamrolling the Atlanta Hawks, Philadelphia 76ers and Cleveland Cavaliers en route to their first NBA Finals appearance since 1999, the Knicks had to overcome their hardest hurdle to get their hands on the coveted Larry O’Brien Trophy – the San Antonio Spurs. Fronted by 7-foot-4 ‘alien’ Victor Wembanyama, the Knicks erased double-digit points in all four of their wins – including a miraculous 29 point deficit in Game 4 – as they won their first title in 53 years. With winning an NBA championship comes a financial bonus in the region of $770,000 per player on the roster due to the $9 million prize pool. For the likes of Jeremy Sochan – who was guaranteed a ring regardless of the result having been a member of the Spurs for the first half of the season – and Jose Alvarado, this figure almost matched their entire annual salary for the season. However, the state of New York is known for its high tax rate, and sporting superstars are not exempt from paying their taxes. Take-home pay will be less than 50 percent of bonusAs such, the $770k bonus, which is regarded as any other income for the Knicks players, are subject to standard federal, state, and local taxation. Some are also subject to the ‘jock tax’ which taxes non-resident athletes based on ‘duty days’ spent working in the state. The federal level alone will see players hit with a marginal tax rate of almost 37 percent. New York State and local taxes are also at 14 percent, while Medicare contributions equate to approximately 2.35 percent. When added all together, projected deductions could be as much as $386,000 – 50.1 percent of the total bonus. The Knicks earned a $770k bonus after winning the 2026 championshipGettySam Darnold (L) wound up being taxed more than his total bonus from Super Bowl LXGettyWhen broken down, this looks like $285,000 in federal taxes, $83,000 in New York State tax. and $18,000 Medicare contributions. Therefore, Knicks players will likely see a take-home pay of between $350,000 to $450,000, dependent on their current annual salary. Of course, most of the Knicks roster also earned an additional $500k in bonuses after winning the NBA Cup back in December. This is very similar to that of the Seattle Seahawks in the NFL. Sam Darnold, who led the Seahawks to Super Bowl LX glory in his first season as their quarterback, earned a $178,000 bonus, along with the rest of the 53-man roster. While most players would wind up taking home between $89,000 and $109,248, Darnold actually had to pay more than he earned from that bonus in tax. Brunson, Hart and some other Knicks members donated their NBA Cup bonus to support staff around the organizationGettyThat is because he is a California resident, so therefore had to pay $249,000 in income tax – a net loss of $71,000. For the Knicks, though, some of the biggest earners like Jalen Brunson and Karl-Anthony Towns may yet offload their bonuses like they did back in December. After their NBA Cup win, Brunson, Towns and Josh Hart reportedly agreed to donate their bonus payments to the organization’s support staff. “It’s something we talked about before. Me and [Brunson] talked about it at one point,” Hart said shortly after the NBA Cup victory. “And we were like, ‘Yeah, we’ll figure it out.’“Like I said, we want to make sure we take care of everyone. I don’t think it was a hard decision. Some of those people don’t get a bonus and they’re working to make sure we’re at the top of the game, no matter who they are. “We want to make sure those people are also compensated for their extra time and their efforts.”It remains to be seen whether they will do the same this time around. Stay up to date on all things NBA across our talkSPORT platforms – subscribe to our YouTube channel for the latest news, opinion, exclusive interviews and our daily unfiltered, unscripted show ‘The S* Word, from 8am ET.