Kevin Love, Timberwolves Approaching Contract Extension Deadline

WASHINGTON, DC - MARCH 05: Kevin Love #42 of the Minnesota Timberwolves reacts after missing a shot against the Washington Wizards at the Verizon Center on March 5, 2011 in Washington, DC. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Rob Carr/Getty Images)

The Minnesota Timberwolves have until January 25 to reach a contract extension agreement with Kevin Love, or else the All-Star power forward would become a restricted free agent on July 1.

The Minnesota Timberwolves have until January 25 to reach a contract extension agreement with All-Star power forward Kevin Love, and according to Love it's all in the hands of his agent and the Wolves' front office. Love told Paul Allen of Minneapolis radio station KFAN that he has no idea whether there will be a deal by next Wednesday. From Sports Radio Interviews:

"It's all in my agents hands. It's all in the front office's hands. I can't really speculate too much on that, just whatever happens in the process, but the fans know I love them and I just want to keep it that way."

Columnist Charley Walters of the St. Paul Pioneer Press reported Tuesday that the Wolves plan to extend Love a four-year, $60 million extension this week. That's a far cry from the maximum that Love could make, which could match reach nearly $80 million over five years. Derrick Rose, eligible for a higher percentage of the salary cap on his second contract thanks to eligibility for the Rose Rule, signed a five-year, $94 million extension in December. Love would only be eligible for the Rose Rule if he were to win the MVP award.

If the Wolves don't reach an agreement with Love by January 25, he would become a restricted free agent on July 1. At that point, the Wolves could match any offer sheet that Love signs with a team that has cap space. But it could be a risk as Love could sign his one-year qualifying offer for $6 million, setting the path to unrestricted free agency in 2013, which would be a doomsday scenario for Minnesota.

For more on the Wolves and Love, visit Canis Hoopus and SB Nation Minnesota.

This post was corrected to clarify Love's potential max extension.

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