Raptors Agree to Two-Year, $115 Million Extension With Kawhi Leonard

The Toronto Raptors have agreed to a two-year, $115 million contract extension with forward Kawhi Leonard, his agent, Harrison Gaines of Slash Sports, told ESPN on Tuesday.

The deal, reached in Toronto, Ontario, includes a player option for the 2028-29 season and locks the 35-year-old forward to the franchise through the remainder of his career window, according to ESPN.

What are the terms of the extension?

The new agreement adds two years and $115 million to Leonard's contract, with a player option covering the 2028-29 season, ESPN reported. Combined with the final year of the deal he signed with the LA Clippers in 2024 and later carried to Toronto, Leonard's total package with the Raptors now runs three years and $165 million.

How much is Leonard giving up to stay in Toronto?

Leonard accepted $11 million less than his maximum allowable extension figure, and he waived a $7.45 million trade kicker tied to his contract, according to ESPN. The concessions were made, per the outlet, as both sides discussed flexibility for the Raptors' rising payroll obligations heading into future seasons.

What led to the deal?

ESPN reported that the Raptors and Leonard's camp maintained consistent dialogue about his long-term future in Toronto since July. The two-time Finals MVP is described by the outlet as expecting to finish his playing career with the franchise. Leonard was in the final year of the four-year deal he originally signed with the Clippers in 2024 before the trade that sent him to Toronto.

What is Leonard's recent history with the Raptors?

Leonard first won a championship and Finals MVP honors with Toronto in 2019 before departing in free agency for the Clippers. His return to the franchise came via a trade completed earlier, following what ESPN's editor's notes describe as a delayed transaction between the Clippers and Raptors. The extension announced Tuesday follows a period of roster turnover for the Raptors, who this month unveiled a statue honoring former guard Kyle Lowry, according to ESPN's coverage of the team.

What happens next for Leonard and the Raptors?

With the extension in place, Leonard is signed through at least the 2027-28 season, with the option to extend his stay through 2028-29 if he elects to exercise it, per the terms reported by ESPN. The agreement removes uncertainty around his short-term future just as the Raptors open a new season, giving the franchise a fixed core piece around which to build its roster for at least the next two years.

ESPN has not published additional financial breakdowns of the deal beyond the figures confirmed by Leonard's agent, and neither the Raptors nor the NBA had issued a separate statement on the terms at the time of ESPN's report.