Ricky Rubio agrees to 4 year, $56 million extension

It was recently revealed that Ricky Rubio once dressed up as Peter Pan for Halloween as a kid. Tonight, the Timberwolves probably trumped that memory soundly. With an 11pm deadline (midnight at NBA headquarters in New York) to reach an agreement looming, the Wolves came through with an 11th hour deal.

Per Woj over at Yahoo:

Minnesota’s Ricky Rubio has reached agreement on a four-year, $55 million-plus contract extension, a league source tells Yahoo Sports.

— Adrian Wojnarowski (@WojYahooNBA) November 1, 2014

Ricky: Trick or treat!

Flip: Here's $55 million in cash!

Personally, I think this is a bit much for the player Rubio has been so far. But at the same time, I've been very vocal about how I think he's been artificially limited by circumstance as well. Early this year, Rubio has already shown much stronger production potential with a higher usage rate (he'd have probably put in a triple-double against Detroit if not for foul trouble) as well as a vastly improved shooting touch. So it's not unreasonable to think he will be worth this by the end of the year. And you can't blame the Wolves for wanting to make a show of good faith, or for wanting to avoid the anxiety that comes with restricted free agency.

Also, of course, factor in the imminent new TV deal, which has turned into something of a pot of gold at the end of free agency's rainbow. Two years from now, when the salary cap is suddenly $12-15 million higher, this deal may be right on target, or even look like a steal.

In any event, it's done. We are guaranteed 4 more years of Magical Spanish Unicorniness, and who can argue with that? Time will tell if the Wolves and Rubio win on this, but I can say there is definitely one winner already. Happiness. Happiness is a winner today.