The Timberwolves and forward Jaden McDaniels have reached an agreement on a one-year veteran contract extension worth $40MM, agents Nima Namakian and Bill Duffy tell Shams Charania of ESPN (Twitter link).

McDaniels was already under contract for three years and $84MM, so his new extension will apply to the 2029/30 season, bringing his total salary over the next four seasons to $124MM. Because he has multiple guaranteed years left on his current deal, Monday was the deadline for him to sign an extension during the 2026/27 league year.

More to come…