During that regular season, Sprewell became part of the league’s highest-scoring trio, alongside Kevin Garnett and point guard Sam Cassell. Sprewell helped the team earn the first seed in the Western Conference playoffs, but Minnesota’s franchise-record playoff run drew to an end when they were defeated by the Lakers in 6 games in the Western Conference Finals. Sprewell finished second in team scoring, pacing at 19.9 ppg behind Garnett’s 24.0 ppg.
On October 31, 2004, the Minnesota Timberwolves offered Sprewell a 3-year, $21 million contract extension, substantially less than what his then-current contract paid him. Claiming to feel insulted by the offer, he publicly expressed outrage, declaring, “I have a family to feed … If Glen Taylor wants to see my family fed, he better cough up some money. Otherwise, you’re going to see these kids in one of those Sally Struthers commercials soon.” He declined the extension, and, having once more drawn the ire of fans and sports media, had the worst season of his career in the final year of his contract. In the summer of 2005, the Nuggets, Cavs, and Rockets all expressed interest in signing Latrell Sprewell, but no agreements were reached.
One month into the 2005-06 season and without a contract, Sprewell’s agent, Bob Gist, said his client would rather retire than play for the NBA minimum salary, telling Sports Illustrated, “Latrell doesn’t need the money that badly. To go from being offered $7 million to taking $1 million, that would be a slap in the face.” Several days later, Gist said that Sprewell planned to wait until “teams get desperate” around the trade deadline in February, and then sign with a contending team (an eventuality that never materialized). Gist said that Sprewell would not be interested in signing for any team’s $5 million mid-level exception, calling that amount “a level beneath which [Sprewell] would not stoop or kneel!”