Found July 09, 2013 on Fox Sports North:
MINNEAPOLIS -- The NBA's salary cap for the 2013-14 season is now set, and the Minnesota Timberwolves are sitting fairly pretty as free agency officially opens. The league Tuesday night set the cap at 58.678 million and announced a luxury tax level of 71.748 million. The league-wide July Moratorium ends at 11:01 p.m., when draft picks and free agents are allowed to sign contracts, restricted free agents can sign offer sheets from other teams, and front offices know exactly how much financial leeway they have to work with in finalizing their rosters for next season. For the Timberwolves, that means about 9.3 million of cap space, 5.1 million of which they can use and avoid paying any luxury tax, assuming all goes as planned the next few days. That figure includes the four-year deal shooting guard Kevin Martin and Minnesota have agreed upon, the planned re-signing of small forward Chase Budinger to a three-year contract, and the approximate 48 million over four years the Timberwolves reportedly offered to restricted free agent center Nikola Pekovic. According to multiple media reports that surfaced last week, Martin and Budinger are expected to sign in the coming days. Pekovic has the option to sign offer sheets from other teams if he pleases, but Minnesota can match whatever enticing deals may be out there. Pekovic's salary also won't count against the salary cap, as his three years in the Twin Cities allow the Timberwolves to apply the Larry Bird exception to his contract. President of basketball operations Flip Saunders has reiterated throughout the offseason that retaining Pekovic, who led the team in scoring last season, is of the utmost importance. Budinger, too, has Bird rights that came with him when he was traded from Houston. These allow teams to exceed the salary cap by up to a maximum contract amount for each player. Neither Budinger nor Pekovic is expected to receive a max deal. Per the rookie pay scale outlined in the league's new collective bargaining agreement, Minnesota will owe first-round picks Shabazz Muhammad and Gorgui Dieng about 1.6 million and 1.1 million. Second-round pick Lorenzo Brown will make at minimum 473,604. All three selections are expected to sign this week before traveling to Las Vegas with the Timberwolves' Summer League team. After loading up on perimeter offense by agreeing to terms with Budinger and Martin and drafting Shabazz Muhammad, It's expected Minnesota will use its additional funds on a defense-oriented wing.

Report: Timberwolves and Nikola Pekovic near deal

The second best center on the free agent market appears to have finally locked up a new deal as the restricted free agent Nikola Pekovic is reportedly nearing an agreement with the Minnesota Timberwolves. Yahoo Sports' Adrian Wojnarowski writes that Pekovic and the Timberwolves are "getting closer" on a four year deal in the $50 million range. It is a little weird...

Wolves guard Alexey Shved re-tooling game in offseason

MINNEAPOLIS -- Directing traffic and slicing through frontcourt double teams inside the Target Center Lifetime Fitness center Wednesday afternoon, Alexey Shved gave off every impression of a seasoned NBA veteran. Relative to most of his current workout buddies, the Timberwolves guard fits that description. But it was just four months ago that an overused Shved trudged wearily out...

With no viable backup plan, re-signing Pekovic vital

MINNEAPOLIS -- Perhaps the least discussed top-of-the-line free agent on the market finally made a headline late Sunday night. Multiple media reports indicated the Timberwolves extended a formal offer toward Nikola Pekovic, breaking the small amount of chatter surrounding Minnesota's gargantuan center. It's merely the first step toward the penultimate objective of retaining...

Muhammad, Dieng, Paul Headline Wolves' Summer League Roster

The Minnesota Timberwolves announced their 2013 Summer League roster on Monday. Shabazz Muhammad, Brandon Paul, Robbie Hummel, Gorgui Dieng and Lorenzo Brown headline the Wolves' roster.

Reports: Wolves adding Corey Brewer, trading Luke Ridnour

MINNEAPOLIS -- Luke Ridnour is headed back to Milwaukee, Corey Brewer returning to the Twin Cities, and the Timberwolves now should be able to welcome Kevin Martin into the fold. According to multiple media reports, Brewer and Minnesota have agreed upon a three-year, 15 million deal. In order to clear the necessary cap space, the Timberwolves plan to send Luke Ridnour to Milwaukee...

Wolves delay Kevin Martin introduction, look to make more moves

MINNEAPOLIS -- Kevin Martin's official introduction with the Minnesota Timberwolves has been delayed, but that's not because the unrestricted free agent starting shooting guard's wavering on his end of the bargain. On the contrary, he'd rather walk into as set-for-success a situation as possible. As of Wednesday, the first day NBA free agents are allowed to ink new...

Report: Timberwolves Close To Trading Luke Ridnour To Bucks, Signing Corey Brewer

The Minnesota Timberwolves are  reportedly expected to trade Luke Ridnour to the Milwaukee Bucks to create enough room to sign free agent Corey Brewer to a 3-year, $15 million deal on Wednesday. According to Marc Stein of ESPN: The Timberwolves, sources say, have also lined up a trade that will send veteran guard Luke Ridnour and his $4.3 million expiring contract to Milwaukee...

Corey Brewer To Wolves In Sign-And-Trade

Corey Brewer will be moved to the Minnesota Timberwolves in a sign-and-trade. Brewer was drafted by the Minnesota Timberwolves in 2007.

Greg Stiemsma To Sign One-Year, $2.7M Deal With Pelicans

Free agent center Greg Stiemsma will sign a one-year, $2.7 million deal with the New Orleans Pelicans on Wednesday, agent Mark Bartelstein said. Stiemsma, 27, averaged four points and 3.4 rebounds for the Minnesota Timberwolves a season ago. At 6-foot-11, Stiemsma has served as an interior presence since the Boston Celtics signed him into the NBA in 2011.

Knicks Free Agency Look In: Could the Knicks be in the Market for Greg Stiemsma?

After being waived by the Minnesota Timberwolves in a cap related move, Greg Stiemsma, the 6’11” 259 pound center that earned his contract playing in Boston, was released today by the T-Wolves.  He is officially available, and could be a great addition to the Knicks as their primary back up center to Tyson Chandler. With the trade of Marcus Camby and no other center on the roster...

Wolves land Martin, Brewer, send Ridnour to Bucks

The Minnesota Timberwolves have agreed to a trade with Oklahoma City for guard Kevin Martin that also allowed them to land swingman Corey Brewer in free agency. The Wolves agreed to terms with Martin on a four-year contract worth nearly $30 million last week. Rather than sign him outright, they decided on Wednesday to execute a sign-and-trade deal with the Thunder to help them free...

Spurs, Kirilenko talks end with no deal

According to Yahoo! Sports, talks between the San Antonio Spurs and free agent Andrei Kirilenko have ended. The San Antonio Spurs' exploration of acquiring free-agent forward Andrei Kirilenko in a sign-and-trade agreement with the Minnesota Timberwolves has passed without completion, league sources told Yahoo! Sports.   The Spurs seriously considered a multiyear...
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