Timberwolves and President Tim Connelly reportedly agree to restructured contract

The Timberwolves and President of Basketball Operations Tim Connelly agreed to a restructure of Connelly’s deal and agreed to move an opt-out clause Connelly has in his contract to after next season, the Athletic reported Tuesday night.

Connelly originally had an opt-out clause this summer in the five-year, $40 million deal he signed in the summer of 2022. But with an ownership battle looming among Glen Taylor, Marc Lore and Alex Rodriguez, Connelly will remain in charge on his current contract at least through next season, when there should be clarity over who has majority control of the team moving forward.

Last week, Connelly said he planned to stay in Minnesota despite the opt-out in his deal and the looming ownership battle, which is headed to arbitration in the coming months.

“I mean, moving [from Denver] wasn’t fun,” Connelly said. “I’ve had a blast here. Feels like we have roots here. It’s pretty special. That’s the goal. It has been a great couple years, and hopefully, we can make it a much longer couple years.”

The Detroit Pistons appeared set to make an offer to Connelly when their top front-office job was open this spring, but they hired Trajan Langdon for the position, lessening the threat of another suitor making a big swing to lure Connelly away the same way the Wolves got him to Minnesota from Denver in 2022.

Connelly will oversee a significant offseason for the Wolves, who are headed for the luxury tax if they want to keep this season’s team together. Connelly is happy with the team’s situation in having seven of its top eight contributors under contract for next season after the team went to the Western Conference finals. The only one of the eight who is a free agent is Kyle Anderson.

Connelly said he had good relationships with all ownership parties and was in talks with them as to what they might do relative to the luxury tax moving forward. The Wolves are likely headed to the so-called “second apron,” which carries more hefty tax burdens and roster-building restrictions the longer a team stays above it.

“It’s a big task for ownership,” Connelly said. “It’s a lot, a lot of money. Relative to the impact on our flexibility, I think the jury is still out.”