Mike Conley, Timberwolves agree to two-year extension

Mike Conley, Timberwolves agree to two-year extension

Minnesota Timberwolves point guard Mike Conley has agreed to a two-year extension with the franchise, ESPN NBA insider Adrian Wojnarowski first reported Monday. 

Wojnarowski noted that Conley’s extension will be worth $21 million, while insider Shams Charania of The Athletic reported it will be worth $22 million. Either way, whatever the final number shall be, it will be an inexpensive extension for Conley, who’s in the final year of his contract and was expected to enter unrestricted free agent this upcoming offseason.

Minnesota Timberwolves G Mike Conley Jr. has agreed on a two-year $21 million extension, Steven Heumann and Jess Holtz of @CAA_Basketball tell ESPN. The Timberwolves keep Conley Jr. out of summer free agency and in backcourt thru 2025-2026. pic.twitter.com/M9MSc3zdsr

— Adrian Wojnarowski (@wojespn) February 19, 2024

Minnesota Timberwolves guard Mike Conley Jr. is nearing a two-year, $22 million contract extension, sources tell @TheAthletic @Stadium. pic.twitter.com/7qA67tO1JJ

— Shams Charania (@ShamsCharania) February 19, 2024

Conley, 36, owns a $24.4 million cap hit this season, per Spotrac. Thus, he was eligible to make far more than the extension that he was ultimately rewarded. This is an excellent deal for Minnesota. Conley’s long been one of the best floor generals in the sport and has helped elevate Anthony Edwards, Karl-Anthony Towns and Rudy Gobert in his first full season in Minnesota. 

He’s currently averaging 6.4 assists to just 1.1 turnovers per game; his 30.5 assist rate in non-garbage-time situations grades in the 71st percentile amongst other point guards, per Cleaning The Glass. By the same account, his turnover rate (9.2) has graded in the 71st percentile this season and in the 70th percentile or better in all but one season since 2010-11 (excluding last year, when he spent time with both the Jazz and Wolves). That comes in addition to 10.6 points, 2.9 rebounds and one steal on 44.4 percent shooting, including a career-best 44.2 percent from 3-point range on 5.2 triple tries per game.

Under current cap projections, the salary cap is expected to be $141 million  (a ~3.66 percent increase) with the second apron projected to be at $189.5 million. According to Spotrac, the Wolves are expected to have $186 million allocated to 10 players. Though that’s a rough estimate based on the current projections since Karl-Anthony Towns’ (2024-25 cap hit is currently $49.4M) and Anthony Edwards’ ($35.3M) max extensions won’t be fully calculated until the final cap numbers become concrete over summer. 

Regardless, unless the Wolves trim salary, they are expected to be a second-apron team (if they signed four players worth the minimum, they’d exceed that apron). They own bird rights to veteran guards Monte Morris and Jordan McLaughlin plus Kyle Anderson’s early-bird rights, but it remains to be seen if Minnesota wants to go knee-deep into the tax to re-sign those players.

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