According to The Vertical’s Shams Charania, there’s no player option on the deal.
Andrew Wiggins' Minnesota final extension terms: five-year, $146.5M max deal — with no player option, league source tells The Vertical.
— Shams Charania (@ShamsCharania) October 11, 2017
Per team press release:
The Minnesota Timberwolves announced the team has signed forward Andrew Wiggins to a multi-year contract extension. Per team policy, terms of the contract agreement were not released. […]
“I’m very excited to continue my career with the Timberwolves,” said Wiggins. “I love it here. The fans and organization have supported me from my first day here in Minnesota. I want to thank Glen Taylor, Tom Thibodeau, the entire coaching staff and my teammates for believing in me.
“We’ve had some good times over the last three seasons, but the best is yet to come. I look forward to doing right by them and bringing this team to the postseason.”