NBA rumors: Contract extension on the radar for Karl-Anthony Towns

Towns has publicly committed to the Timberwolves several times, most recently at the end of the 2020–21 season, when he told reporters he wanted to have a career like Tim Duncan and Kobe Bryant, spending it all with one team. According to someone close to Towns, nothing related to that goal was altered in any meaningful way by Rosas’s dismissal. A contract extension is already on his radar.

More on Karl-Anthony Towns Extension

Christopher Hine: Towns on signing the contract and his relationship with Butler: "That situation never had anything to do with Jimmy. It was me and Glen Taylor and it got handled."
The cap hit on the Karl-Anthony Towns rookie max extension is: $27.25M, $29.43M, $31.61M, $33.79M and $35.97M. Towns will be subject to the poison pill restriction this season and the extension will begin in 2019-20. For trade purposes, $7.8M (last year of his rookie contract) is used for outgoing salary and $27.6M (the average of the current salary and max extension) for the purposes of determine incoming salary.
Michael Scotto: The Athletic Sources: Karl-Anthony Towns' 5-year, $190 million super max extension does NOT contain a player option, colleague @ Jon Krawczynski and I are told.
Albert Nahmad: Wolves lock in Karl-Anthony Towns for the next 6 years. He can be a free agent again in the summer of 2024, as 9-year veteran at age 28, unless he signs an extension before that. If he meets the criteria, he will be eligible for a Designated Veteran Player Contract/Extension.
Karl-Anthony Towns: On September 22nd, 2018, I made a recommitment to the Wolves and have the same feelings of excitement that I felt back in 2015.

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Jon Krawczynski: In reporting with @Shams Charania, told KAT's deal does include a trade kicker. Huge for the Wolves to lock him in.
Adrian Wojnarowski: In a deal that cements him as the franchise’s long-term cornerstone, Minnesota Timberwolves All-Star center Karl-Anthony Towns has agreed to a 5-year, $190M super-maximum extension, league sources tell ESPN.
Shams Charania: There’s been a lot of uncertainty around Jimmy Butler all summer. He hasn’t been back to Minnesota. This is going to be a telltale week for him. Very much so, I’m told, this a last-ditch meeting for the Minnesota Timberwolves and Tom Thibodeau, and how they respond and how Jimmy responds to it will be interesting. Karl-Anthony Towns, who’s one of the top talents in the league, has yet to sign to sign his rookie max extension, which should be a no-brainer. And I’m told there won’t be any decision on that until this Jimmy Butler situation resolves itself.
The Timberwolves are negotiating a rookie extension with Towns that could be completed before the start of the season. Rival executives believe that Butler could come available on the market by the February trade deadline if Minnesota fears that it will lose him for nothing in July free agency.
During the Aug. 27 episode of ESPN's "The Jump," Windhorst said "there's nothing happening right now" between the Wolves and Towns. "The fact that this isn’t getting done yet is sort of eye-brow raising," Windhorst said. "To me, I believe he’s going to sign it. There’s never been a player who hasn’t signed it. The question again will be, to me: What type of deal is it? Is it a full five-year extension? Is it KAT saying this is where I want to be? Or does he take the shorter extension?"
There hasn't been any kind of progress on the contract extension between the Minnesota Timberwolves and big man Karl-Anthony Towns, according to Brian Windhorst of The Jump. Towns is eligible for a five-year $158 contract extension but can only sign it until October 31st, otherwise he'll become a restricted free agent next summer.
Thibodeau said he’s “very optimistic” the Wolves will sign Towns to a contract extension before the regular season starts. They have until October’s end to sign him to an extension that could be worth $187 million. If they don’t sign him by then, he’ll become a restricted free agent summer.
What's the feeling you get about KAT - amendable situation or not? Jon Krawczynski: I don’t think we’ve reached a breaking point between Towns and the organization. Had that been the case, I could have seen him canceling the Minnesota basketball camp to avoid coming back to town. As reported at The Athletic during summer league, the Wolves have put a max contract offer in front of his representatives. But as KAT first made clear to me in a phone call from Italy, and as he reiterated last week in Plymouth, there is still some communication that needs to take place before pen is put to paper.
Jon Krawczynski: Everyone in the organization expects Towns to sign the extension. No rookie has passed up this much money before and Towns doesn’t figure to be the first. While he has not provided specifics on what he wants to discuss, one would think Tom Thibodeau’s decision to fire Legarza, a close confidante of KAT’s during his first three NBA seasons, would probably be on that list.
“I think I’ve done a lot of things here. I’m very proud of the things I’ve been able to do so far,” Towns said in response to the final question of the session about whether he considers Minnesota a second home. “But I have a lot of things that have to be talked about, so I’ll move on.”
Jon Krawczynski: Talked to Karl-Anthony Towns at his camp today. Very happy to talk about the work he’s done with the kids over 3 years. Again, not interested in discussing contract/Wolves situation.
It also comes while the Timberwolves are in the early stages of discussions with Towns’ representatives about a max-level contract, league sources told The Athletic. Towns recently returned to the United States after vacationing in Italy, and there was hope that the talks could become more substantive now that he’s back home.
If Towns and the Timberwolves eventually reach agreement, a five-year extension would pay him $158 million. That number could increase to closer to $190 million if Towns makes an All-NBA team next season like he did in 2017-18.
The Timberwolves have no interest in trading Towns and Towns has not come close to making such a request, according to sources, so all signs point to a deal eventually getting done. Those negotiations also will likely provide an opportunity for constructive communication between Towns, Thibodeau and Taylor, who always likes to get involved in these major deals.
The Wolves can sign Towns to a five-year maximum contract extension this summer; under the NBA’s labor agreement they can give two players coming off their rookie contracts such an offer. They used the first to sign Wiggins last October to an extension worth at least $146 million. “Obviously, you know how we feel about Karl also, so we feel the same way about him being here,” Thibodeau said. “We want him here for a long time and at the appropriate time we’ll sit down and talk with him. But he’s a huge part of our future.”
And 2019 is the year that Towns likely will have a new contract kicking in, too — he will be eligible for an extension next summer. He has taken notice of the rich deals that the league has been giving out to top players lately, including the four-year, $228 million deal that James Harden received from the Rockets. “Unbelievable,” Towns said. “For his ability to have $57 million in the bank yearly is something special, but it speaks to the popularity of the NBA, how well it is doing. I am so fortunate to be part of the league at this time, not just because it is lucrative, but because it is at its strongest point, the best foundation that has been built by the NBA and the players who came before us.”
Taylor said that the Wolves’ plans involve extending Wiggins now and Karl-Anthony Towns next year. “We are talking to [Wiggins’] agent right now about extending him out another five years, so we can do that,” Taylor said. “Karl, we won’t do that until next year. Wiggins, we want to sign him to a long-term contract, we want to keep him here, and we’re negotiating with his agent. But we just started that negotiation, and we have quite some time to get that done.”
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