Timberwolves, Mike Conley agree to a two-year, $21 million contract extension

The Minnesota Timberwolves have agreed to a two-year, $21 million contract extension with Mike Conley, agents Steven Heumann and Jess Holtz of CAA Basketball announced Monday.

The Ohio State product was in the final season of the three-year, $68.04 million contract he signed with the Utah Jazz in August 2021. He is slated to make $10.24 million in 2024-25 and 2025-26.

Conley’s new deal will keep him out of summer free agency and under contract through mid-2026. Utah traded the 2021 All-Star guard to the Timberwolves in February 2023.

Per multiple NBA betting sites, the Timberwolves hold seventh-shortest odds to win the championship. Sportsbooks are showing better odds for the Denver Nuggets, Los Angeles Clippers, and Phoenix Suns.

Minnesota has $175M in salary next season.

The Conley Jr. extension all but assures Minnesota will be a second apron team. https://t.co/H50PzEnVjh

— Bobby Marks (@BobbyMarks42) February 19, 2024

Conley reunited with Rudy Gobert in Minnesota and bolstered the team chemistry. He has benefited the play of Anthony Edwards and Karl-Anthony Towns as well.

The Wolves are 37-13 with Conley and 2-3 without him this season.

His veteran leadership and consistent point guard play has helped lead the Timberwolves to a Western Conference0-best 39-16 record. Only the Celtics (43-12) in the East have a better record.

Minnesota Timberwolves guard Mike Conley is second in assist-to-turnover ratio below Tyus Jones

Minnesota’s starting five is now under contract in 2024-25. The club has $175 million in salary next season. The Wolves will also be a second apron team in 2024-25, per ESPN’s Bobby Marks.

Through 50 games (all starts) this season, the 17-year veteran is averaging 10.6 points, 2.9 rebounds, 6.4 assists, 1.0 steal, and 28.9 minutes per game while shooting 44.4% from the field and a career-best 44.2% from 3-point range.

His effective field goal percentage (59%) is the best of his career as well.

Players with 5+ APG, 40+ 3P% and 90+ FT% this season:

— Mike Conley
— Steph Curry

That’s it. pic.twitter.com/udJIYVJfNB

— StatMuse (@statmuse) February 19, 2024

Conley notched a season-high 10 assists in four different games this season. Plus, he drained a season-high six 3-pointers against the Memphis Grizzlies (Nov. 26) and Milwaukee Bucks (Feb. 8).

In Minnesota’s 127-103 win over Memphis on Dec. 8, the 6-foot guard recorded a season-high 19 points, four rebounds, and seven assists in 33 minutes of action.

“Mike’s been doing this his entire career. They called him Captain Clutch in Memphis for a reason,” Timberwolves coach Chris Finch said about Conley after he posted his fourth double-double of the season on Jan. 18.

Furthermore, Conley ranks second in assist-to-turnover ratio in the league, trailing only Washington Wizards guard Tyus Jones — according to the Basketball-Reference database.