Report: Timberwolves, Tim Connelly agree to restructured contract

New contract keeps Connelly in Minnesota through the 2024-25 season.

Minnesota Timberwolves president of basketball operations Tim Connelly answers questions at a press conference to introduce the 2022 draft picks at Target Center in Minneapolis on June 28, 2022. / Bruce Kluckhohn-USA TODAY Sports

The Timberwolves and president of basketball operations Tim Conelly have agreed to a restructured contract that will keep Connelly in Minneapolis for at least next season, according to The Athletic's Jon Krawczynski and Shams Charania.

After a run to the Western Conference Finals, the Timberwolves and President Tim Connelly have agreed in principle on a restructured contract, locking him in for the 2024-25 season, sources tell me and @ShamsCharania. Connelly's opt-out has been moved to next year.

— Jon Krawczynski (@JonKrawczynski) June 5, 2024

Connelly had an opt-out clause in his contract that could've been exercised after this season. Under the restructured new deal, Connelly's opt-out clause with move to the end of next season, according to Krawcyznski. That gives Connelly flexibility still with the Wolves ownership situation in flux.

Connelly was a key piece in the Timberwolves' success this season in which the franchise reached its first Western Conference finals in 20 years. Connelly made the trades for Rudy Gobert and Mike Conley — two key veteran additions that thrust the team into contention.

With a Timberwolves team looking to go even further next season, it's certainly a positive to see Connelly locked in for another year, keeping stability at the president of basketball ops position.