The Timberwolves and Jaden McDaniels agreed to a one-year veteran extension worth $40 million, Shams Charania said, citing agents Nima Namakian and Bill Duffy.

McDaniels already had three years and $84 million left, so the extension covers 2029-30 and brings his total over four years to $124 million.

Michael Scotto noted it is the first time a player with three guaranteed years left on a non-max contract has been extended.

A veteran extension can start at up to 140% of the prior salary, so McDaniels can negotiate his next deal off $40 million rather than his $29.8 million cap hit.

He will have 10 years of NBA service when the new year begins in 2030, making him eligible for a bigger contract if he reaches free agency.

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