After what appeared to be much delay, the Cleveland Cavaliers have officially signed the number one overall pick in this year's NBA Draft, Andrew Wiggins. The signing was made official in a press release on the team's website.
According to ESPN's Brian Windhorst, the first year of the contract is worth $5.5 million. That figure appears to be about 120% of the rookie scale, which means that it is the maximum amount of money the Cavs can give Wiggins.
Cavs officially signed Andrew Wiggins today to a deal starting at $5.5 million. He cannot be traded for 30 days.— Brian Windhorst (@WindhorstESPN) July 24, 2014
Of course, the more interesting part of this is that, as Windhorst and basically everyone else has noted, rookies cannot be traded until 30 days after their contracts are signed. Now that Wiggins has put his name on paper, he cannot officially be included in a trade for Kevin Love (or anybody else) until late August, at the earliest.
There is no reason that the Cavs and Timberwolves can't keep negotiating during this moratorium period. They could, in theory, even agree to a trade. It just can't become official until the moratorium ends.
I am personally at the point now where I'd be shocked if Love isn't a member of the Cavs before the start of the season. It may not happen soon, but I do think it will get done. It's in the best interest of both teams.