RealGM Basketball Wiretap

19 October 2025

• Timberwolves Exercise 26-27 Options For Rob Dillingham, Terrence Shannon Jr

  The Minnesota Timberwolves exercised the 2026-27 rookie scale team options for guard Rob Dillingham and wing Terrence Shannon Jr. These were the third-year options for both players.

  Dillingham will now be on the cap sheet at $6.8 million for next season. Shannon will be on the books for $2.8 million.

• Wolves Convert Johnny Juzang To Two-Way Deal; Waive Jules Bernard, Alize Johnson, Tristen Newton, Zyon Pullin

  The Minnesota Timberwolves converted guard Johnny Juzang from his Exhibit 10 contract to a two-way deal. To open the two-way spot for Juzang, the Wolves waived guard Tristen Newton. Minnesota also waived guard Jules Bernard and Zyon Pullin, and forward Alize Johnson from their camp contracts.

  The Timberwolves roster is now set for the regular season. Minnesota has 14 players signed to standard contracts and three signed to two-way deals. The Wolves are carrying an open standard roster spot into the regular season.

• NBA Team Valuations Reach $5.51 Billion Average, Up 20 Percent From 2024

  The average NBA team is now worth $5.51 billion, up 20 percent year-over-year and 113 percent since 2022, according to Sportico's calculations. The collective value of all 30 franchises reached $165 billion, driven by a landmark $76 billion media rights agreement and strategic arena investments.

  Rick Welts, newly appointed Dallas Mavericks CEO, called the current moment unprecedented for league growth.

  "Never had a moment like this where you could be as optimistic as I am," Welts said in a video interview. "A lot of people are in this league, from an international perspective, from a media perspective, and I really feel like we have the best ahead of us."

  The Golden State Warriors maintained their five-year reign as the NBA's most valuable franchise at $11.33 billion, second globally only to the NFL's Dallas Cowboys at $12.8 billion. The Los Angeles Lakers jumped to second place at $10 billion after Mark Walter's pending acquisition at 16 times revenue, surpassing the New York Knicks at $9.85 billion. The average value-to-revenue multiple for the NBA is 13.5, ahead of the WNBA at 12.0, the NFL at 10.3 and MLS at 9.4.

  The Warriors' dominance stems from arena ownership, sponsorship revenue nearly double any other team, and their WNBA affiliate, the Golden State Valkyries, valued at $500 million. The Valkyries made history as the first expansion team to qualify for the playoffs in their inaugural season.

  The new media contract with Amazon, ESPN/ABC and NBC raises each team's annual television revenue from $103 million to $143 million, with seven-percent annual increases through 2036. The "get-in" price for franchise ownership-represented by the Memphis Grizzlies at $4 billion-has jumped 2.5 times since 2022, when it stood at $1.63 billion.

  Recent high-profile sales drove valuations across the board. The Boston Celtics sold for $6.1 billion in March, while the Lakers' pending deal at $10 billion set a new record for control sales in sports history. The Portland Trail Blazers agreement at $4.25 billion followed in August.

  The NBA is pursuing expansion in Europe in partnership with FIBA, potentially launching 16 teams with a fall 2027 tipoff. The league also plans to develop a Basketball Africa League with 12 teams and dedicated home arenas. Welts emphasized international opportunities as transformational for league economics.

  "The international opportunity is multiple of what the domestic U.S. sports market is," Welts said. "The technology will allow anybody, anywhere in the world to consume any NBA game."

  New arenas are under construction in Oklahoma City ($900 million, opening 2028) and Philadelphia (2030), with the Dallas Mavericks scouting sites following 24 years at the shared American Airlines Center.

  2025 NBA Team Valuations

  Rank	Team	2025 Valuation	1-Year Change
  1	Golden State Warriors	$11.33B	+24%
  2	Los Angeles Lakers	$10B	+24%
  3	New York Knicks	$9.85B	+19%
  4	Los Angeles Clippers	$6.72B	+18%
  5	Boston Celtics	$6.35B	+12%
  6	Brooklyn Nets	$6.22B	+9%
  7	Chicago Bulls	$6.12B	+10%
  8	Miami Heat	$6.03B	+21%
  9	Philadelphia 76ers	$5.61B	+23%
  10	Houston Rockets	$5.53B	+16%
  11	Dallas Mavericks	$5.24B	+17%
  12	Toronto Raptors	$5.22B	+12%
  13	Phoenix Suns	$5.09B	+18%
  14	Atlanta Hawks	$5.02B	+23%
  15	Sacramento Kings	$5B	+22%
  16	Cleveland Cavaliers	$4.86B	+23%
  17	Denver Nuggets	$4.8B	+18%
  18	Washington Wizards	$4.78B	+20%
  19	Indiana Pacers	$4.76B	+27%
  20	Milwaukee Bucks	$4.54B	+16%
  21	San Antonio Spurs	$4.5B	+19%
  22	Oklahoma City Thunder	$4.34B	+22%
  23	Utah Jazz	$4.27B	+16%
  24	Portland Trail Blazers	$4.25B	+18%
  25	Minnesota Timberwolves	$4.24B	+29%
  26	Orlando Magic	$4.21B	+22%
  27	Detroit Pistons	$4.17B	+21%
  28	Charlotte Hornets	$4.13B	+22%
  29	New Orleans Pelicans	$4.02B	+30%
  30	Memphis Grizzlies	$4B	+31%

• Joe Ingles Out One Week With Groin Injury

  Joe Ingles suffered a left groin strain, the Minnesota Timberwolves announced on Thursday.

  Ingles is set to be re-evaluated in one week.

  Ingles averaged 0.8 points and 0.6 rebounds in 19 games for the Wolves last season.

  The Wolves open their regular season October 22 against the Blazers.

• Timberwolves Sign Jules Bernard, Zyon Pullin To Camp Deals

  The Minnesota Timberwolves have signed guard Jules Bernard and Zyon Pullin to camp deal. Both players signed non-guaranteed Exhibit 10 contract. The Wolves also completed the previously reported signing of Alize Johnson to an Exhibit 10 contract.

  Bernard, Johnson and Pullin are both expected to join the Iowa Wolves of the G League after the preseason.

  Bernard spent last season with the Cleveland Charge of the G League. In 29 games, the 6-foot-6 guard averaged 19.9 points, 6.6 rebounds and 3.5 assists per game.

  Pullin finished last season with the Memphis Grizzlies on a two-way contract. In 34 total G League games between the Sioux Falls Skyforce and Memphis Hustle, the 6-foot-4 guard averaged 15.0 points, 4.8 rebounds, 4.4 assists and 1.1 steals per game.

• Alize Johnson, Timberwolves Agree To Camp Deal

  The Minnesota Timberwolves and forward Alize Johnson have agreed to a training camp deal. Johnson will sign a non-guaranteed camp deal, and will likely play for the Iowa Wolves of the G League following the season.

  Johnson has played in 76 games over five seasons in the NBA. The 6-foot-7 forward has played for the Indiana Pacers, Brooklyn Nets, Chicago Bulls, New Orleans Pelicans, Washington Wizards and San Antonio Spurs.

  Johnson spent the last two seasons playing for teams in South Korea, Puerto Rico and Japan. Last season for the Kawasaki Brave Thunder in Japan, Johnson averaged 12.7 points, 9.1 rebounds and 4.1 assists per game.

• Timberwolves Waive Nate Santos

  The Minnesota Timberwolves waived forward Nate Santos. Minnesota had signed Santos to a non-guaranteed Exhibit 10 contract earlier in the week.

  The 6-foot-7 forward is expected to join the Iowa Wolves for the G League season. Santos went undrafted out of Dayton at the 2025 NBA Draft.

• Julius Randle Credits Mental Health Treatment After Dark Period

  Julius Randle revealed he battled depression and substance abuse during his final season with the New York Knicks, crediting mental health treatment and his trade to the Minnesota Timberwolves for his recovery. The Timberwolves forward signed a new three-year, $100 million contract this summer after helping the team reach the Western Conference Finals again in 2025.

  Randle described reaching his "darkest moment" while rehabbing a shoulder injury that ended his 2023-24 season. He self-medicated with marijuana and withdrew from his family, spending time isolated in dark rooms at home.

  "I would just be in there watching TV in a dark room," Randle said. "I didn't even want to show my face. I kind of just wanted to be left alone and, like, in hiding. Just very frustrated and angry and all those different emotions. It just wasn't a good place to be in."

  Randle's wife Kendra arranged treatment with Dr. Daniel Amen, a psychiatrist who uses brain scan technology. The therapy helped Randle quit marijuana use, which he said was "stealing his soul," and provided tools to manage depression and anxiety.

  "At the end of that time, I was kind of at my darkest moment," Randle said. "Just miserable, like in a way where I just was not having fun going to work every single day."

  The September 2024 trade to Minnesota provided a fresh start for Randle. Despite early struggles adapting to his new role alongside Anthony Edwards, he found his rhythm after returning from a February groin injury.

  Randle's individual statistics dropped from his New York days but his team impact increased significantly. He averaged 22.6 points in the first round against the Lakers and 25.2 points against Golden State in the second round, helping Minnesota reach the Conference Finals.

  "Now it just feels very settled," Randle said. "I would say even this summer and leading up to the season is probably the happiest I've been in a really long time as far as just career, family, everything."

  "When we came here, I was like, 'Oh my god, Julius is back,'" Kendra Randle said. "Like the L.A. Julius, the New Orleans Julius, he's back."

  The Timberwolves retained most of their roster from last season's conference finals run. Randle enters his second Minnesota season with improved mental health and family stability after relocating from New York.

• Wolves Announce 'Black Trees' Uniforms, Court Design For 2025-26 Season

  The Minnesota Timberwolves unveiled their Classic Edition uniforms and court design which will be featured throughout the 2025-26 season. The uniforms and court will debut on Oct. 26 when the Timberwolves face the Indiana Pacers at Target Center.

  The "Black Trees" Classic Edition uniform celebrates the fans and reaffirms the team's connection with the Twin Cities community, honoring legacy while highlighting the style and culture that defined one of the most celebrated chapters in team history. The Classic Edition retail collection will go on sale in the coming weeks.

  "Our Black Trees uniforms pay tribute to one of the most defining eras in team and league history, while introducing a new generation of fans to the Timberwolves' legacy," said Timberwolves and Lynx CEO Matt Caldwell. "These iconic uniforms hold a special place in our community, and bringing them back reflects our commitment to listening to fans and celebrating the moments they value most. We will continue to take a fan-first approach and look forward to unveiling more surprises throughout the season."

  The uniform will be worn for a total of 28 games, 21 at home and seven on the road.

• CJ Fulton, Timberwolves Sign Exhibit 10 Contract

  The Minnesota Timberwolves have signed guard C.J. Fulton to an Exhibit 10 contract. Fulton will join Minnesota for the preseason on a non-guaranteed deal, then he'll eventually land with the Iowa Wolves of the G League.

  Fulton was born in Belfast, Northern Ireland. The 6-foot-3 guard started his college career at Lafayette before finishing at Charleston. As senior for the Cougars, Fulton averaged 7.8 points, 4.1 rebounds, 6.5 assists and 1.5 steals per game. He shot 37.7% on 4.1 three-point attempts per game.