The Timberwolves need to either sign Andrew Wiggins to a big time contract before next season or risk losing him next summer.
Wiggins is due $7.5 million next season and then the Wolves will have the choice to tender him a $9.8 million qualifying offer for the 2018-19 season. The qualifying offer would simply make Wiggins a restricted free agent, meaning any team in the league could offer him a massively more rich contract.
That's why Wolves president/head coach Tom Thibodeau on Wednesday revealed the Wolves are talking to Wiggins about an extension now.
"We're working on it right now," said Thibodeau.
According to ESPN, the talks are focused on a five-year, $148 million extension that would begin paying the 22-year-old swingman $25.5 million a year beginning the 2018-19 season.
Barring an injury, Wiggins is going to get a max deal one way or another. Consider that he averaged 16.9 points as a rookie, 20.7 points in his second year and 23.7 points last season. If Otto Porter Jr., who averaged 13.4 points while shooting 43.6% from deep, is getting max offers, Wiggins is easily going to get the richest deal possible.
Minnesota will be in the same situation at this time next year with Karl-Anthony Towns.