Mike Conley Signs Two-Year Extension With Timberwolves

FEBRUARY 23: Conley’s extension with the Timberwolves is now official, the team announced today in a press release.

FEBRUARY 19: Veteran point guard Mike Conley has agreed to a two-year, $21MM extension with the Timberwolves, agents Steven Heumann and Jess Holtz tell ESPN’s Adrian Wojnarowski.

Conley, 36, is earning $24.4MM this season in the final year of his current contract. He would have been Minnesota’s biggest free agent this summer, but inking a two-year extension will keep him off the open market.

Shams Charania of The Athletic hears Conley’s extension is worth $22MM (Twitter link), so we’ll have to wait for more details to learn his exact cap hits for 2024/25 and 2025/26. Either way, it sounds like he won’t hit free agency until 2026, when he’ll be 38.

Conley has started all 50 of his games for the Wolves in ’23/24 and has been a key leader for the No. 1 seed in the West. In 28.9 minutes per night, he has averaged 10.6 PPG, 6.4 APG, 2.9 RPG and 1.0 SPG. In his 17th NBA season, Conley is posting career-high marks from three-point range (44.2%) and the free throw line (92.3%).

According to Jon Krawczynski of The Athletic (Twitter link), Minnesota’s front office has been trying to work out a deal for Conley for several weeks, and obviously the interest was mutual. His new extension is similar to the one Al Horford signed with Boston in December 2022 (two years, $19.5MM).

As ESPN’s Bobby Marks observes (Twitter links), the Wolves project to be over the second tax apron in ’24/25, with their entire starting lineup under contract. The other four starters are Anthony Edwards, Jaden McDaniels, Karl-Anthony Towns and Rudy Gobert.

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