The Toronto Raptors have locked in Kawhi Leonard on a two-year extension worth $115 million, a deal that keeps the franchise tied to one of its biggest stars while also giving the front office some breathing room.
Once Leonard’s $50 million for the 2026-27 season is added in, the full value comes to $165 million across three years. That total still falls short of the maximum he could have secured, and that matters for a Raptors team trying to manage a rising payroll.
ESPN insider Shams Charania said Leonard accepted less than his top extension number and also gave up a $7.45 million kicker tied to his trade from the Clippers. The move, Charania said, was part of a broader effort to create flexibility for Toronto as its salary structure climbs.
"Leonard took $11 million less than his maximum extension number - on top of waiving a $7.45 million kicker to accommodate his trade from the Clippers - as the sides discussed flexibility for the Raptors' rising salary books," ESPN insider Shams Charania tweeted.
That flexibility is a major win for Toronto’s front office. The team believes it is close to contending with its current core, but there’s still a sense that one or two more pieces may be needed if the Raptors are going to take another step.
Right now, Toronto is less than $1 million under the first apron and sits $13.6 million below the second apron. Looking further ahead, the team has only four guaranteed contracts on the books for 2027-28, which leaves plenty unresolved about where the roster is headed. Leonard not taking the max keeps more paths open.
Charania also said on ESPN that the contract keeps Leonard in Toronto through the end of the 2028-29 season, when he will be close to 38 years old.
"My understanding is that he fully expects to retire and finish his career in Toronto, and this deal allows him to do that," Charania said.
That doesn’t lock out the possibility of another deal in 2028, when he can opt out, or in 2029, when he reaches free agency. But it does set up the chance for Leonard to stay in Toronto for the rest of his career.
There’s obvious risk in committing that kind of money to a player in his mid-30s, but the Raptors are clearly willing to take it. Leonard helped deliver the franchise’s first championship, and the organization is betting he still wants another one.
Leonard is set to join the Raptors in Quebec City for the start of training camp early next week.
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