Kevin Garnett is eligible for an extension at a time the model franchise player is leading Minnesota to a club record for victories. But the 25-year-old superstar hasn't yet been approached by management.

Perhaps it's because the Timberwolves haven't made up their minds on a critical decision. Of course, it's not whether Garnett merits an extension, but just how much to offer one of the league's best ? and highest-paid ? players.

Despite a new era of maximum salaries in the NBA, Garnett is one of a few players who can circumvent the ceiling because his $126 million contract was signed in 1998, before the latest collective-bargaining agreement (CBA).

Garnett has been eligible for an extension since October, although his six-year deal doesn't expire until the summer of 2004. The CBA has a grandfather clause, which makes Garnett eligible for a 125 percent raise on his final annual salary, $28 million in 2003-2004.

Technically, Garnett can sign a five-year extension worth $192.5 million, starting with $31.5 million in 2004-05.

If any player deserves one of the richest contracts in sports history, it's Garnett, who plays every game like it's his last, whether it's an exhibition or the playoffs.

The Lakers gave Shaquille O'Neal a rich contract in the summer of 2000, worth $88 million over three years.

But O'Neal has led the Lakers to two championships, while Minnesota has never been able to get past the first round. Also, O'Neal's contract is significantly less than what Garnett's could be.

The Timberwolves also must consider the implications of a rich extension in the luxury tax era.

Granting Garnett the maximum amount possible would make it difficult to surround him with talent because the franchise would be forced to offer relatively small contracts to his supporting cast.

Wally Szczerbiak, who has emerged as an All-Star, becomes a free agent in 2003. And the small forward will almost certainly expect a maximum salary.

To put Garnett's potential deal in perspective, he would average more than Alex Rodriguez, who signed a $252 million deal with baseball's Texas Rangers before last season. (Garnett could average $38.5 million compared to Pay-Rod's $25 million.)

But Minnesota risks upsetting its franchise player by offering markedly less than Garnett expects.

Garnett has hinted at not finishing his career with Minnesota, citing supposed slights by various NBA management toward star players such as Patrick Ewing and Hakeem Olajuwon.

And the threat may not be idle, since Garnett hasn't yet requested to sit down with ownership about an extension.

Nonetheless, if the 6-foot-11 forward bolts to a warmer climate, he loses tens of millions.

The grandfather clause doesn't kick in if an eligible player, such as Garnett, switches to another team.

The most another club could pay Garnett is the maximum salary under the CBA, which would be roughly half of what Minnesota could offer.

If Garnett left for another team, it truly would prove that the passionate forward isn't playing for only the money.