Timberwolves, McDaniels agree to one-year, $40 million extension through 2029-30
The Minnesota Timberwolves and forward Jaden McDaniels agreed to a one-year, $40 million veteran extension that keeps him under contract through the 2029-30 season. His agents, Nima Namakian of Innovate Sports and Bill Duffy of WME Basketball, confirmed the agreement to ESPN's Shams Charania on Oct. 19.
Whether the added season carries options or incentives was not disclosed.
The extension adds one season to the five-year contract McDaniels signed in 2023, which Yahoo described as a $131 million deal with three years remaining. He was set to enter the season with more than $84 million guaranteed over those three years, according to Yardbarker.
With 2029-30 added, McDaniels is set to earn about $124 million over the next four seasons, Yahoo reported. Yahoo also reported that the new year pays roughly $10.2 million more than his 2028-29 salary and $13.8 million more than the average annual value of his current deal.
Michael Scotto reported that McDaniels is the first player in league history to sign an extension with three fully guaranteed seasons remaining on a non-maximum contract, per Newsweek.
Yahoo and Newsweek reported that McDaniels averaged a career-high 14.8 points, 4.2 rebounds and a career-high 2.7 assists in 2025-26, shooting 41.2% from three in 73 starts. A separate Yahoo report placed those numbers in 2024-25.
In the playoffs he averaged 16.3 points and 5.4 rebounds, including 32 points in Minnesota's series-clinching win over Denver, before the Wolves lost to the Spurs in the second round. He made the All-Defensive Second Team in 2023-24.
The deal came two days before opening night, Yahoo reported. McDaniels begins his first season alongside LaMelo Ball and Jonathan Kuminga, both added this offseason; Ball arrived from the Hornets.
Per WAGE, McDaniels' $24.4 million salary in 2025-26 ranked 74th of 435 rated players, and his production ranked 75th.
His WAGE Score that season was 65, Smart Money.
The new $40 million would have been the 26th-highest salary among those 435 players in 2025-26, per WAGE. The extension guarantees that figure for 2029-30, three seasons before that year begins.
The one-year length sets up the next negotiation. McDaniels can sign another extension as early as 2028, Charania reported, and it could start at up to 140% of the new salary, or as much as $56 million in its first year.