Minnesota Timberwolves guard Mike Coley has agreed to a two-year, $21 million contract extension. Conley would’ve been one of the top unrestricted guards in the 2024 NBA off-season.

It was almost exactly a year ago when Conley was traded to the Timberwolves in a three-team trade with the Los Angeles Lakers and the Utah Jazz. The deal featured the Timberwolves sending guard D’Angelo Russell, Malik Beasley, and forward Jared Vanderbilt to the Lakers. In exchange, the Timberwolves added Conley and guard Nickeil Alexander-Walker, who has proven to be a very efficient two-way player this season.

Since the deal, the Timberwolves have had a 49-25 record with Conley playing. Conley has also had a very important veteran guard presence that has rubbed off on the future of the franchise, guard Anthony Edwards. However, he is not just a mentor. At 36 years old, Conley is still providing very valuable minutes to the Western Conference’s number-one seed. Conley is averaging 10.6 points per game (PPG), 6.4 assists per game (APG), and 1 steal per game (SPG).

What stands out about Conley is his ability to facilitate while not turning the ball over, as he is tied for second in the NBA in assists to turnover ratio. Conley is also one of the most efficient shooters in the NBA, shooting 44.4% from the field, 44.2% from three, and 92.3% from the free-throw line. The stats clearly show that Conley affects winning basketball at an elite level, even though he doesn’t score an insane amount of points.

What does this mean for Minnesota’s contract situation?

The Timberwolves currently have about $185 million for player contracts next season, which is dedicated to nine players. This will for sure exceed the first and second apron of the NBA’s luxury tax, as the second apron is projected to be $189.5 million. The good news is this means that the core of the Timberwolves will stay intact with the loss of future free agent Kyle Anderson.

For about $10 million a year, the Timberwolves are keeping a player who has immensely helped bring winning basketball back to Minnesota. At absolute worst, Conley’s athleticism will drop off in the first or second year of his new contract and he will still be an incredible mentor for the young players on the Timberwolves.

The first-place Timberwolves will look to stay hot after a four-game win streak before the NBA’s All-Star Weekend. They will face off Friday against the Milwaukee Bucks, which ignites the second-half of the year for the NBA.