Tim Connelly Agrees to Reported 5-Year, $40M Contract as Timberwolves Team President

The Minnesota Timberwolves announced Monday that they have found their new president of basketball operations in former Denver Nuggets president Tim Connelly.

"We are thrilled to announce Tim Connelly as the next leader of our basketball operations department and welcome his family to the Twin Cities," the front office said. "He brings a wealth of NBA front office experience with various franchises. We look forward to building upon our most recent playoff run and bringing more success to Timberwolves fans for years to come."

According to Shams Charania and Jon Krawczynski of The Athletic, the two sides agreed to a five-year, $40 million contract that also includes a "kicker for ownership equity."

Charania and Krawczynski noted Timberwolves minority governors Marc Lore and Alex Rodriguez met with Connelly before he flew to Minnesota on Saturday to meet with team governor Glen Taylor.

Connelly joins a Timberwolves franchise that is coming off just its second postseason appearance since the 2003-04 season. Minnesota lost to the Memphis Grizzlies in six games in the first round and is still looking for its first postseason series win since it reached the 2004 Western Conference Finals.

There are two legitimate building blocks in place with 26-year-old Karl-Anthony Towns and 20-year-old Anthony Edwards, although a decision may need to be made on D'Angelo Russell. The guard is currently set to make $31.4 million in base salary for 2022-23 before unrestricted free agency next summer.

Connelly had been with the Nuggets since June 2013 and helped build a roster that made the playoffs in each of the last four seasons. They went to the 2020 Western Conference Finals during that span and have been one of the most consistent teams in the league with back-to-back MVP Nikola Jokic leading the way.

Denver will now turn in a different direction with Charania reporting general manager Calvin Booth is expected to become the primary basketball operations leader following Connelly's departure.

"There is significant belief in Booth inside the organization, and the former NBA veteran is well-respected as a rising executive across the league," Charania wrote.

He will be tasked with helping the Nuggets take the next step in the race for a championship.