12:46pm: The Wolves have officially released Conroy, according to the team (Twitter link). The club also confirmed it will sign Howard, pending a physical.
12:16pm: In order to clear a spot on the roster for Josh Howard, the Timberwolves will release Will Conroy, according to Darren Wolfson of 1500 ESPN Twin Cities. Wolfson tweets that the team has informed Conroy he'll be let go.
With 15 players on the roster, the Wolves needed to release a player in order to make room for Howard, with whom they agreed to a one-year deal earlier today. As I wrote at the time, Conroy was the most logical candidate to go, since he's the only T-Wolves player without a fully guaranteed contract. If and when they officially cut Conroy, the Wolves will take a small cap hit of $100K, the amount of the 29-year-old's contract that was guaranteed.
As Ray Richardson of the St. Paul Pioneer Press noted yesterday, the Timberwolves could have signed a 16th man without releasing a player in the event of a hardship. However, four players would need to be sidelined for two or more weeks to constitute a hardship. Minnesota only has three players, in Kevin Love, Ricky Rubio, and Chase Budinger, that meet those criteria.