Philadelphia 76ers center Joel Embiid's five-year, $146.5 million maximum extension is essentially guaranteed but protects the franchise financially should Embiid suffer a contractually specific catastrophic injury, league sources told ESPN.
The team does not disclose terms because of a self-imposed policy, but owner Glen Taylor has talked all offseason about the possibility of a rookie max deal, which would pay Wiggins $148 million.
Wiggins has made major improvements through every season of his three-year career in Minnesota, going from winning the Rookie of the Year award in 2015 to improving his scoring average every year, averaging 23.6 points and four rebounds per game last season.
"I'm very excited to continue my career with the Timberwolves", Wiggins said. "I love it here".
"I want to thank Glen Taylor, Tom Thibodeau, the entire coaching staff and my team-mates for believing in me". He scored 40 or more points 5 different times last season.
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For his career, Wiggins has played in 245 of a possible 246 games, averaging 20.4 points, 4.1 rebounds and 2.1 assists in 36.2 minutes per game.
Per the Timberwolves, only three players scored more points before their 22nd birthday: LeBron James, Kevin Durant and Carmelo Anthony. He's projected for 20.5 points on 44% shooting in this season, his 4th in the National Basketball Association.
"We're very excited that Andrew has chose to commit his future to the Timberwolves", said Timberwolves President of Basketball Operations and Head Coach Tom Thibodeau.
Wiggins, who was traded to Minnesota in 2014 after the Cleveland Cavaliers drafted him No. 1 overall, has tremendous leverage in negotiations.