diff --git a/go.mod b/go.mod
index d585e910..0dcbd499 100644
--- a/go.mod
+++ b/go.mod
@@ -19,6 +19,6 @@ require (
 	k8s.io/client-go v0.21.4
 	k8s.io/code-generator v0.21.4
 	k8s.io/kube-openapi v0.0.0-20210305001622-591a79e4bda7
-	knative.dev/hack v0.0.0-20211102174540-b284d49386cc
-	knative.dev/pkg v0.0.0-20211103135647-464034912f7e
+	knative.dev/hack v0.0.0-20211105231158-29f86c2653b5
+	knative.dev/pkg v0.0.0-20211104101302-51b9e7f161b4
 )
diff --git a/go.sum b/go.sum
index 60e0b441..091f03d7 100644
--- a/go.sum
+++ b/go.sum
@@ -1130,11 +1130,11 @@ k8s.io/kube-openapi v0.0.0-20210305001622-591a79e4bda7 h1:vEx13qjvaZ4yfObSSXW7Br
 k8s.io/kube-openapi v0.0.0-20210305001622-591a79e4bda7/go.mod h1:wXW5VT87nVfh/iLV8FpR2uDvrFyomxbtb1KivDbvPTE=
 k8s.io/utils v0.0.0-20201110183641-67b214c5f920 h1:CbnUZsM497iRC5QMVkHwyl8s2tB3g7yaSHkYPkpgelw=
 k8s.io/utils v0.0.0-20201110183641-67b214c5f920/go.mod h1:jPW/WVKK9YHAvNhRxK0md/EJ228hCsBRufyofKtW8HA=
-knative.dev/hack v0.0.0-20211101195839-11d193bf617b/go.mod h1:PHt8x8yX5Z9pPquBEfIj0X66f8iWkWfR0S/sarACJrI=
-knative.dev/hack v0.0.0-20211102174540-b284d49386cc h1:eO3AtpzYua2uPO5LyQtse/i84B4isDyeQubNzIkTHEg=
 knative.dev/hack v0.0.0-20211102174540-b284d49386cc/go.mod h1:PHt8x8yX5Z9pPquBEfIj0X66f8iWkWfR0S/sarACJrI=
-knative.dev/pkg v0.0.0-20211103135647-464034912f7e h1:HEblpdzDnRVdJpclBVKTgShbL+gNuPIVbhQdn+sBdVg=
-knative.dev/pkg v0.0.0-20211103135647-464034912f7e/go.mod h1:a+9AWOb0zOaBVU6xoPgTvEA7vfMnLjPnK4SX3ciSHKE=
+knative.dev/hack v0.0.0-20211105231158-29f86c2653b5 h1:9scsqLnVcUh6wnMY0vYo8MGBy1NAkjpjoukyhhkChU4=
+knative.dev/hack v0.0.0-20211105231158-29f86c2653b5/go.mod h1:PHt8x8yX5Z9pPquBEfIj0X66f8iWkWfR0S/sarACJrI=
+knative.dev/pkg v0.0.0-20211104101302-51b9e7f161b4 h1:X1CGp8wqBcIWfuz5uIH1yo011/SFPMPPP7Qe8KyRiyI=
+knative.dev/pkg v0.0.0-20211104101302-51b9e7f161b4/go.mod h1:EKhRrRSAHrnJwQPfgUyrmHgLCam9xcRh79t+G3MJu4k=
 pgregory.net/rapid v0.3.3/go.mod h1:UYpPVyjFHzYBGHIxLFoupi8vwk6rXNzRY9OMvVxFIOU=
 rsc.io/binaryregexp v0.2.0/go.mod h1:qTv7/COck+e2FymRvadv62gMdZztPaShugOCi3I+8D8=
 rsc.io/quote/v3 v3.1.0/go.mod h1:yEA65RcK8LyAZtP9Kv3t0HmxON59tX3rD+tICJqUlj0=
diff --git a/vendor/knative.dev/hack/library.sh b/vendor/knative.dev/hack/library.sh
index 0d52ad68..4af73bec 100644
--- a/vendor/knative.dev/hack/library.sh
+++ b/vendor/knative.dev/hack/library.sh
@@ -771,6 +771,7 @@ function current_branch() {
   # Get the branch name from Prow's env var, see https://github.com/kubernetes/test-infra/blob/master/prow/jobs.md.
   # Otherwise, try getting the current branch from git.
   (( IS_PROW )) && branch_name="${PULL_BASE_REF:-}"
+  [[ -z "${branch_name}" ]] && branch_name="${GITHUB_BASE_REF:-}"
   [[ -z "${branch_name}" ]] && branch_name="$(git rev-parse --abbrev-ref HEAD)"
   echo "${branch_name}"
 }
@@ -835,30 +836,56 @@ function shellcheck_new_files() {
   fi
 }
 
+# Note: if using Github checkout action please ensure you fetch all tags prior to calling
+# this function
+#
+# ie.
+# - uses: actions/checkout@v2
+#   with:
+#     fetch-depth: 0
+#
+# See: https://github.com/actions/checkout#fetch-all-history-for-all-tags-and-branches
 function latest_version() {
   local branch_name="$(current_branch)"
 
-  if [ "$branch_name" = "master" ] || [ "$branch_name" = "main" ]; then
-    # For main branch, simply use git tag without major version, this will work even
-    # if the release tag is not in the main
+  # Use the latest release for main
+  if [[ "$branch_name" == "main" ]] || [[ "$branch_name" == "master" ]]; then
     git tag -l "*$(git tag -l "*v[0-9]*" | cut -d '-' -f2 | sort -r --version-sort | head -n1)*"
-  else
-    ## Assumption here is we are on a release branch
-    local major_minor="${branch_name##release-}"
-    local major_version="$(major_version $major_minor)"
-    local minor_version="$(minor_version $major_minor)"
-
-    # Hardcode the jump back from 1.0
-    if [ "$major_version" = "1" ] && [ "$minor_version" == 0 ]; then
-      local tag='v0.26*'
-    else
-      # Adjust the minor down by one
-      local tag="*v$major_version.$(( minor_version - 1 ))*"
-    fi
-
-    # Get the latest patch release for the major minor
-    git tag -l "${tag}*" | sort -r --version-sort | head -n1
+    return
   fi
+
+  # Ideally we shouldn't need to treat release branches differently but
+  # there are scenarios where git describe will return newer tags than
+  # the ones on the current branch
+  #
+  # ie. create a PR pulling commits from 0.24 into a release-0.23 branch
+  if [[ "$branch_name" == "release-"* ]]; then
+    # Infer major, minor version from the branch name
+    local tag="${branch_name##release-}"
+  else
+    # Nearest tag with the `knative-` prefix
+    local tag=$(git describe --abbrev=0 --match "knative-v[0-9]*")
+
+    # Fallback to older tag scheme vX.Y.Z
+    [[ -z "${tag}" ]] && tag=$(git describe --abbrev=0 --match "v[0-9]*")
+
+    # Drop the prefix
+    tag="${tag##knative-}"
+  fi
+
+  local major_version="$(major_version ${tag})"
+  local minor_version="$(minor_version ${tag})"
+
+  # Hardcode the jump back from 1.0
+  if [ "$major_version" = "1" ] && [ "$minor_version" = "0" ]; then
+    local tag_filter='v0.26*'
+  else
+    # Adjust the minor down by one
+    local tag_filter="*v$major_version.$(( minor_version - 1 ))*"
+  fi
+
+  # Get the latest patch release for the major minor
+  git tag -l "${tag_filter}" | sort -r --version-sort | head -n1
 }
 
 # Initializations that depend on previous functions.
diff --git a/vendor/modules.txt b/vendor/modules.txt
index 2931e770..63e2b997 100644
--- a/vendor/modules.txt
+++ b/vendor/modules.txt
@@ -608,10 +608,10 @@ k8s.io/kube-openapi/pkg/util/sets
 k8s.io/utils/buffer
 k8s.io/utils/integer
 k8s.io/utils/trace
-# knative.dev/hack v0.0.0-20211102174540-b284d49386cc
+# knative.dev/hack v0.0.0-20211105231158-29f86c2653b5
 ## explicit
 knative.dev/hack
-# knative.dev/pkg v0.0.0-20211103135647-464034912f7e
+# knative.dev/pkg v0.0.0-20211104101302-51b9e7f161b4
 ## explicit
 knative.dev/pkg/apis
 knative.dev/pkg/apis/duck