The New York Knicks raised a 2025 NBA Cup champions banner at Madison Square Garden on October 20, becoming the first NBA team to hang a single-season banner for the in-season tournament. Walt Frazier presented the players with their championship rings at the ceremony, and the banner was taken around New York City so fans could touch it before it went up. The discussion is whether a cup banner belongs in the rafters next to a championship one, and how much of the $500,000 per-player prize survives taxes in New York.