re: Pekovic 5 years, $60m

quote:

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Players coming off their rookie scale contracts can extend for four additional seasons, although the team can designate one player who is eligible for five seasons at the maximum salary. A team can have only one designated player on its roster at any time.

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That is apparently the important part. According to SI.com,

quote:

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Pekovic did not make his NBA debut until after signing a three-year, $13 million contract in 2010. His new agreement is not a rookie extension and is therefore not subject to the “designated player” rule, which allows a franchise only one five-year rookie extension at a time. The Timberwolves, then, are still free to offer a five-year rookie extension to point guard Ricky Rubio down the road.

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LINK

They also say that he has up to $8MIL in incentives available.

Would have been a good fit at that price. Don't know if the Pels could have gotten him if they offered that little. The 5 years is a little worrisome- he's 28 in January and has missed decent chunks of time already. But it's a good deal for the Wolves and with their other moves this summer, probably keeps Love happy enough to stick around.