The Timberwolves are still a ways away from the salary floor, and their most-recent signing, Jordan Hill for two years and $8 million, didn’t do much to get them closer to reaching it.
The penalty for failing to reach the floor is minimal, and truthfully, is more or less nonexistent. If the Timberwolves don’t get there, they simply need to divide the remaining money over the players currently under contract with the team. So they’re paying the money out either way…it makes sense to not over-commit to a free agent simply to hit the floor.