Summary
McLaughlin was a relative unknown when he signed a two-way contract with the Timberwolves at the start of the '19-'20 season. He went undrafted in 2018 and spent the '18-'19 season in the G-League. He eventually established himself as a rotation-level player, although his minutes per game have also decreased a little as the Wolves have become deeper and more competitive.

McLaughlin mostly play-makes for others, as his assist to usage rate has consistently been right near the top of the league, according to Cleaning the Glass. Overall, McLaughlin may not make a ton of plays or be the engine of an offense, but he makes quick reads, moves the ball well, and doesn't make a lot of mistakes. Having that steady presence as a backup point guard can be very valuable.

Although he isn't a massive threat from outside because of the low volume of shots he takes from three, he has hit 37% from three and finished decently at the rim, which makes him pretty efficient overall.

At 6'1", McLaughlin is undersized but competes on the defensive end. I wouldn't call him a liability. He also gets steals at a good rate.

Already 28 years old as a free agent in 2024, McLaughlin may not have a ton of upside, but I think he's still a good bench guard, and possibly could even be an above-average backup point guard. It is concerning that he essentially fell out of the rotation in '23-'24, and barely played at all in the playoffs.
 
Cap Considerations
McLaughlin will be an unrestricted free agent with a $4.4 million cap hold and full Bird Rights, meaning the Timberwolves will have no restrictions on re-signing him. Since the Timberwolves are likely to operate over the cap, his cap hold is not really relevant.

Other teams will have multiple ways to sign McLaughlin as even teams without cap space could use either the Non-Taxpayer MLE, Taxpayer MLE, or possibly even the Room MLE or Bi-Annual Exception to sign him. It's also possible that McLaughlin only gets offers for the minimum.