Let's try to look at this from the Wolves perspective. You want to give me what is essentially an expiring contract and two unproven players who were drafted in the teens for the 7th pick in what is believed to be a very deep draft? Not happening. The same holds true for the offer to the Knicks for the 8th pick. Teams drafting at 7or 8 are hoping to get an All-Star, not role players and roster fillers. It doesn't guarantee that they will get an All-Star, but they will be fishing in the right pond.
Keep in mind Ibaka was a high end role player going into a contract year and was traded for #11, Oladipo and Ilyasova. If Thibs really is looking to move this team into the playoffs then he could take the calculated risk and trade for AB. Minn has never been a FA hot spot so the draft and trades are their only way to add talent. Is there a better system and team fit out there right now then AB to Minn? You also have to remember that the longer they wait for players to develop the closer they get to resigning Wiggings and KAT. If they are not perennial playoff contenders what kind of chance do they have to resign either of these players?
I would say Ibaka at the time was considered more than a "high-end role player“ even though his game had been deteriorating slightly and steadily the last few years. Still, just because one team ripped another off doesn't mean Minnesota will behave similarly.
Wiggins and KT will be restricted FAs. Re-signing them is almost certainly guaranteed.
It will be very difficult to get a pick in the top 8-10 this year, because teams believe the draft is very deep from 2-10. There may not be a lot of potential stars after Fultz, but there are a lot of guys who could be starters eventually.
The wolves could draft and roll the dice with their seven pick, hoping that in a few years they'll have a starter. Or they could get a guy who is 26 today - not old, just entering his prime - who is already an all-NBA defensive player and an established starter on a 53-win team. Who happens to shoot 40% from 3, on a team that desperately needs shooting, and has great professionalism/competitiveness.
The only reservation they could have is the length of his contract. That, I do get. But just having him next year gives them a good chance of getting to the playoffs, and if he's willing to extend at a reasonable price it seems like a very good deal for them. That seven pick is, what, about a 30% chance of netting a player who becomes as good as AB a few years from now? They have young players with awesome star potential. They need a few solid pros to add to the mix.