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Timberwolves Agree to Terms with Nikola Pekovic. 5 Years, $60 Million.

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According to Flip Saunders, the Wolves have reached an agreement on a new contract with center Nikola Pekovic.

Jesse Johnson-USA TODAY Sports

Announced on Twitter:

<blockquote class="twitter-tweet"><p><a href="https://twitter.com/search?q=%23wolvesnation&amp;src=hash">#wolvesnation</a>. We have agreed to terms with Pek.</p>&mdash; Flip Saunders (@Flip_Saunders) <a href="https://twitter.com/Flip_Saunders/statuses/367711540482686976">August 14, 2013</a></blockquote>

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According to Marc Stein, the agreement is for 5 years, $60M.

<blockquote class="twitter-tweet"><p>This just in: I&#39;m told Nikola Pekovic and Wolves have agreed to five-year deal worth $60 million</p>&mdash; Marc Stein (@ESPNSteinLine) <a href="https://twitter.com/ESPNSteinLine/statuses/367711734078771200">August 14, 2013</a></blockquote>

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Although we were consistently led to believe that it would be a four year deal, the Wolves have agreed to a five year deal at $12M a year average annual value.  Stein also reports that there are up to $8M in incentive bonuses.

Overall, I'm quite pleased with this contract.  It's fair value for Pekovic, and locks up one of their cornerstones for as long as possible.

Given the fact that he was a restricted free agent with no other offers, it's possible to see this as an overpay.  However, taking care of your best players, especially coming off the Kevin Love contract fiasco, makes sense.

I'm thrilled to have this settled and to have Pekovic back in the fold for the foreseeable future.  More to come.