Jaden McDaniels signs a new multi-year deal with Timberwolves / News - Basketnews.com

McDaniels signed a five-year $136 million extension, which will put Timberwolves in the luxury tax zone.

Credit: AP Photo/Abbie Parr - Scanpix Credit AP Photo/Abbie Parr - Scanpix

The Minnesota Timberwolves are entering the luxury tax zone after signing one more lucrative deal.

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According to Shams Charania from The Athletic, Jaden McDaniels has agreed to a five-year $136 million deal with the franchise.

McDaniels was previously on the last year of his rookie deal after the organization picked up its team option for the 2023-24 season.

With this deal, the Timberwolves will become a luxury tax team, as the franchise already holds substantial contracts for Anthony Edwards, Rudy Gobert, and Karl-Anthony Towns. Minnesota hasn't paid luxury tax in nearly 20 years.

Last season, McDaniels played his best season with the Timberwolves so far, averaging 12.1 points, 3.9 rebounds, and 1.9 assists in 30.6 minutes of playing time, shooting three-pointers at a solid 39.8%.

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