FRIDAY, 5:57pm: The signing is official, the Wolves announced.
5:03pm: Wolfson pegs the value of the deal at $16.5MM. Garnett, an Andy Miller client, negotiated it himself, Wolfson adds (Twitter link).
THURSDAY, 4:43pm: Garnett’s deal is for two years and $16MM, Jon Krawczynski of The Associated Press tweets, confirming Zgoda’s estimate.
TUESDAY, 8:28am: The Timberwolves and Kevin Garnett have reached a deal, as long expected, reports Darren Wolfson of 1500 ESPN Twin Cities (Twitter link). The numbers aren’t yet clear, but the team had reportedly planned to make him a two-year offer, and Garnett was likewise expected to take it. The 39-year-old will be coming back for his record-tying 21st season this year.
“I’m incredibly excited and rejuvenated to be a part of this talented, committed team,” Garnett said, according to Wolfson (Twitter link).
Injuries limited Garnett to just five games after the midseason trade that brought him back to Minnesota, the team that had originally drafted him, but coach/executive Flip Saunders has no regrets based on the veteran’s locker room presence for the young Timberwolves. He’ll rejoin a team that’s set to feature at least three rookies in No. 1 pick Karl-Anthony Towns, No. 24 pick Tyus Jones, and draft-and-stash prospect Nemanja Bjelica, who reportedly agreed to a deal Monday.
Garnett made $12MM last season, though his declining production would suggest a pay cut is in order. Minnesota has his Bird Rights and thus the ability to pay him whatever is necessary, though Jerry Zgoda of the Star Tribune has estimated a deal would be worth about $8MM a year. That would fall roughly in line with what fellow venerable power forward Dirk Nowitzki agreed to take from the Mavericks last year, when he signed a three-year deal worth about $8.3MM a season.