The Vertical's Shams Charania originally reported that Wiggins and the Timberwolves were "progressing" towards an agreement in late September, but it took until now to make the contract official.
Wiggins, who was traded to Minnesota in 2014 after the Cleveland Cavaliers drafted him No. 1 overall, has tremendous leverage in negotiations. Wiggins' previous agent, Bill Duffy, negotiated a maximum contract with the Timberwolves this summer before the sides parted ways. (That's virtually always the case anyways, one could argue, but it's especially true for players coming off of rookie contracts and signing their first extensions.) Very, very rarely are players stars when they're first eligible for a contract extension - and yes, Karl-Anthony Towns is absolutely the extension to the rule. I want to thank Glen Taylor, Tom Thibodeau, the entire coaching staff and my teammates for believing in me.
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"I'm pleased that we've reached an agreement with Andrew on a contract extension", said Timberwolves owner Glen Taylor in a press release. But he still has a long way to go as a defender and rebounder, and will need to be even better than the.356 shooter he was from 3-point range last season if the Wolves are going to snap that skid.
Wiggins also noted "there's no rush to do it, yet". He has missed just one game in his first three seasons while averaging 36.2 minutes per game.
Despite all of that, the contract is sure to be a polarizing one.
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"To me, by making this offer, I'm speculating that his contribution to the team will be more in the future", Taylor said then. He can't be paid just for what he's doing today.
"It's motivation to get better and show everybody what I can do, the other stuff I can do", Wiggins said. "He's got to be better".
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It's also a play on fashion, "weaving the brands together to make something attractive ". Shares of Coach fell more than 2% after the announcement.