Found January 25, 2012 on NBA 24/7 365:
11

Today is the deadline to extend ’08 draft picks, and the T-Wolves and Nuggets have wisely elected to secure the services of Kevin Love and Danilo Gallinari for another four years… or maybe just three in the case of Kevin Love.  Love’s $62 million extension does cover four seasons, but it comes with an opt-out clause that gives him the option of becoming an unrestricted free agent after just three.  If Love were to exercise this option his contract would become a three-year deal worth something like $45 million.  Via WEEI.com

The Timberwolves made a key move Wednesday in keeping a strong, promising core of young players together in the Twin Cities, as All-Star forward Kevin Love agreed a four-year contract extension with the team.

Tweeted Love: “To #twolves fans: I’ll be in Minnesota for 4 more years! Excited to see you when I get back to Minneapolis.”

The deal includes a player option in the final year of a four-year deal worth in excess of $60 million, according to ESPN.

I’m going to assume this opt-out clause is what held up the negotations.  Minnesota would have to be absolutely crazy not to toss the biggest, longest deal possible at their young franchise player.  While the T-Wolves are still a sub-.500 team as of right now, it’s quite clear that they’ve made strides in the right direction.  With Rick Adelman at the helm, Kevin Love gobbling up the rebounds, and Ricky Rubio running the point, this team has more promise than any group the T-Wolves have presented since the Kevin Garnett era.  There aren’t a whole lot of players out there who are of Love’s caliber, and the few who are probably aren’t interested in calling the Target Center home.

As for Gallinari, he’s set to earn $42 million, or just over $10 million per year.  For the record, that’s about half of what the Knicks are paying Carmelo Anthony anually.  Via The Denver Post

Nuggets forward Danilo Gallinari has agreed to a four-year contract extension, a league source told The Denver Post. The 23-year-old small forward will make close to $42 million in that four year span. The deal signifies Denver’s dedication to building around a young nucleus, the same nucleus that was handed the keys after Denver traded Carmelo Anthony and Chauncey Billups 13 months ago.

I love Danilo for $10 million a year.  He’s just 23 years old and he’s already the team’s number-one option.  He’s not superstar caliber, but that’s not supertar money.  Denver gave Nene a bigger deal than I felt they should have, but they’re also a better team than I thought they would be.  Now that they’ve proven to be a competitive team and secured Gallinari it makes a bit more sense.  I assume their next move will be to re-sign Wilson Chandler upon his return from China and move forward with this solid young core. 

Other ’08 draftees who are yet to be extended include Roy Hibbert, Eric Gordon, and Ryan Anderson.  Gordon received a four-year offer from the Hornets that has recently been approved by David Stern.  He has the rest of today to decide whether or not he wants to sign it.

THE BACKYARD
BEST OF MAXIM
RELATED ARTICLES

How much is Kevin Love worth?

When Kevin Love stepped out behind an exquisitely set screen and launched a 3-pointer that settled through the net at the buzzer, sinking the Clippers on national television Friday night, he turned his back on the rest of the Timberwolves, set his jaw firmly and threw his arms wide. It didn't take long for Love to be swarmed, his teammates rushing to show him some, well, love...
HOWL AT THE MOON

Love, Wolves agree to 4-year deal

According to multiple sources, Minnesota and Kevin Love have agreed to terms and the forward will sign a four-year, max contract with the team reportedly worth $62 million.

Report: Love, Timberwolves agree on four-year deal

Minnesota Timberwolves power forward Kevin Love will sign a 4-year, $62 million contract extension on Wednesday afternoon, according to a report by the St. Paul Pioneer Press.The 23-year-old is expected to sign the deal prior to the Timberwolves' game against the Mavericks. Love would become a restricted free agent if the sides don't complete a deal before an 11 p.m. deadline...

Kevin Love Agrees To Four-Year, $62M Extension

Yesterday the Internet lied and told you that Kevin Love signed an extension with the Wolves, but today it all came true as Love signing a four-year, $62 million contract extension today with the Minnesota Timberwolves. He wanted a five-year deal, but I don’t think that means he’ll be eating Ramen anytime soon. “The five years was something I felt very strongly about, but...

AP source: T'wolves, Love reach 4-year extension

MINNEAPOLIS (AP) - A person familiar with the situation says Kevin Love has agreed to a four-year contract extension with the Minnesota Timberwolves worth between $60 million and $62 million.The deal includes a player option in the final year. The person described the agreement to The Associated Press on Wednesday ...

Kevin Love: "It's great to put all the off-the-court stuff behind me"

All-Star forward Kevin Love finally got his contract extension with the Timberwolves and is glad to be able to focus solely on what happens inside the lines now.

McHale not taking any credit for Love's game

Timberwolves forward Kevin Love and the guy who brought him to Minnesota, Kevin McHale, met before Monday's game at Target Center, the first time they have shared an NBA court since the final day of the 2008-09 season.

Raptors-Nuggets Preview

The Denver Nuggets and Toronto Raptors both have leading scorers from Italy, but only one of those countrymen will be available Friday night. Danilo Gallinari and the surging Nuggets look for a sixth straight victory when they host a Raptors team that expects to be without Andrea Bargnani. Denver (13-5) is one of the biggest surprises in the NBA, with Gallinari averaging a career...

Nuggets, Gallinari agree to 4-year extension for $42 million

The deal is done — Nuggets forward Danilo Gallinari has agreed to a four-year contract extension.

The Decision: My Choice for Favorite NBA Team

As a kid, I was good at a lot of sports. Not great -- not "this kid is a prodigy" -- but good. Passable at everything I did, at worst. One of my college buddies referred to me as a "natural athlete", you know, I could pick up a stick or a ball and just play. I liked that about myself. I came to terms with the fact that I was never going to be great at sports...
NBA News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

Today's Best Stuff
For Bloggers

Join the Yardbarker Network for more promotion, traffic, and money.

Company Info
Help
What is Yardbarker?

Yardbarker is the largest network of sports blogs and pro athlete blogs on the web. This site is the hub of the Yardbarker Network, where our editors and algorithms curate the best sports content from our network and beyond.