Kevin Love, Timberwolves Reach 4-Year Extension Agreement

Regardless of the source of the refusal, the result is the same: the Wolves have needlessly but a major future strain on themselves.

Of the five mini-max players of this era, four were gone before Year 8 began, and there’s little question that all of those players’ initial teams would rather wish that the stars had signed full five-year, Rose- and Durant-style extensions.

From the Minneapolis Star-Tribune’s Jerry Zgoda:

For more on the Wolves, visit Canis Hoopus.

Under terms of the new collective bargaining agreement, the Wolves will be able to offer a five-year Early Bird extension before 2017. Teams are allowed one such extension over the entire span of the CBA.

For more on the Wolves, visit Canis Hoopus and SB Nation Minnesota.

Adding to the confusion, Love tweeted a cryptic response that seemed to shoot down reports of a completed deal:

So for now, it seems we’re back to where we started: no deal, yet, but they might be close, unless they’re not. Got it?

Richardson reports that Love is expected to sign the contract on Wednesday afternoon -- making the deal official just hours before the NBA’s midnight (ET) deadline. Had the two sides not reached common ground in time, Love would have become a restricted free agent this summer. Instead, he’s locked up for the foreseeable future.

Earlier this week, Christopher Gates of SB Nation Minnesota noted Love’s fantastic start to the season:

Columnist Charley Walters of the St. Paul Pioneer Press reported Tuesday that the Wolves plan to extend Love a four-year, $60 million extension this week. That’s a far cry from the maximum that Love could make, which could match reach nearly $80 million over five years. Derrick Rose, eligible for a higher percentage of the salary cap on his second contract thanks to eligibility for the Rose Rule, signed a five-year, $94 million extension in December. Love would only be eligible for the Rose Rule if he were to win the MVP award.

If the Wolves don’t reach an agreement with Love by January 25, he would become a restricted free agent on July 1. At that point, the Wolves could match any offer sheet that Love signs with a team that has cap space. But it could be a risk as Love could sign his one-year qualifying offer for $6 million, setting the path to unrestricted free agency in 2013, which would be a doomsday scenario for Minnesota.