His deal may not become official even on July 10th when the moratorium period ends and these 'agreements' become signed contracts. The reason being: the Timberwolves can exceed the cap to sign Budinger, so they'll chase other free agents (ie: J.J. Redick, O.J. Mayo, Kevin Martin) before making his deal official, giving them more money to spend on one of the aforementioned players.
I was hoping his contract would run somewhere between $4-4.5million, but I definitely believe he's worth what he'll be paid. The contract former Wolf Martell Webster signed with the Wizards reportedly didn't help matters (4-years/$22million).
According to Sam Amick of USA Today via Twitter, the third year is a player option. Though, that has yet to be confirmed. When we get the full figures and the exact salary numbers year-by-year, we'll post them under the Player Salaries Page under the Team Report section.
Minnesota now has two free agents: Nikola Pekovicć & Andrei Kirilenko and a number of other free agents who played elsewhere in 2012-13 that they'll be chasing. Stay tuned!