Karl-Anthony Towns agrees to $190 million extension with Timberwolves
Amid the drama surrounding the future of Jimmy Butler, Timberwolves fans can at least breath a sigh of relief — Karl-Anthony Towns is going to be a member of the Timberwolves for a while.
Towns agreed to a designated rookie extension with the team for five years and approximately $190 million a source confirmed to the Star Tribune Saturday night. Towns is entering the final year of his rookie deal but will be in Minnesota for the long haul after agreeing to the deal Saturday.
There was some uncertainty over whether Towns would sign the deal before the Oct. 15 deadline or become a restricted free agent. Towns’ relationship with Butler is strained, but even though the Wolves haven’t traded Butler, Towns still signed his extension. The Wolves had leverage in the deal because Towns would only become a restricted free agent after next season if he didn’t sign by Oct. 15 and the Wolves would have matched any maximum contract offer that came from another team – and that offer would have been less than the $190 million the Wolves could offer Towns. So it made financial sense for Towns to sign the maximum extension, which has been on the table for weeks.
Towns tweeted “5 More” to his Twitter page shortly after the deal was reported first by ESPN along with a highlight video of some of his best plays in a Wolves uniform.
Towns averaged 21.3 points per game last season as he helped the Wolves reach their first playoff appearances since 2004. The Wolves selected him with the No. 1 overall pick in the 2015 NBA draft. Towns was named third team all-NBA last season, a significant accomplishment when it came to Towns’ next contract. By being named to an all NBA team, the Wolves were able to offer Towns a contract for up to 30 percent of the salary cap under the designated rookie provision, which states that a player coming off his rookie contract is eligible to earn up to 30 percent of the cap if he has been named to an all NBA team in the season before he signs his extension. Otherwise, the player could make only up to 25 percent of the cap.