One of the options that the Wolves before them is to trade the #7 pick to either move up, down, or out of the draft entirely. The NFL has a famous draft pick value chart in which teams, and fans, are able to ascertain the type of value that they should be expecting to receive for a draft pick.
There is no such standard format for this in the NBA, however there was an interesting draft value chart put together by Nick Restifo, which you can check out here, which places a value on each pick based on a player’s projected VORP, or value over replacement player.