The UCLA power forward signed the contract just in time to participate on Minnesota's Las Vegas summer league team.
It was merely a formality thanks to the NBA's rookie salary scale. Love was the fifth overall pick in last month's draft and acquired from Memphis in an eight-player trade that sent O.J. Mayo to the Grizzlies.
He will make about $2.6 million this season and $2.8 million next year. The Timberwolves have options for his third and fourth seasons.
Love will join teammates including Corey Brewer, Chris Richard and Rodney Carney in Vegas. Craig Smith was scheduled to attend, but will not participate because the restricted free agent has not agreed to a new contract.