Johnson, the sixth overall pick in the 2000 NBA Draft, was looking to make an NBA roster after not having been in the league since a stint with the San Antonio Spurs toward the end of the 2007-08 season following a stint in the D-League. That didn't end well for Johnson, either, as a DWI arrest that summer all but assured he wouldn't rejoin the team for the following season.
The Minneapolis Star Tribune's Jerry Zgoda said in his story that "I thought they might keep him around a little longer because he missed a good part of training-camp contact practices while they waited for paperwork to clear from Europe." The reason they released him today, though, was so that they wouldn't have to take him to Europe where they'll play the Los Angeles Lakers on Monday.
Johnson's options now, as far as I can tell, are to either resume his playing career in Europe or the D-League (I believe the Austin Toros still hold his rights. UPDATE: The Idaho Stampede apparently hold his rights.). Or, if the 30-year-old is feeling entrepreneurial, he can resume either his 'management' career or resuscitate his rap career.
The Timberwolves also left 35-year-old big man John Thomas at home, but that was so that he could rehab his hamstring - so at least he'll be healthy when they release him before the regular season begins.