Raptors, Leonard agree to 2-year, $115M extension

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Toronto Raptors star Kawhi Leonard has agreed on a two-year, $115 million contract extension with the franchise, plus a player option for the 2028-29 season, his agent Harrison Gaines of SLASH Sports told ESPN on Tuesday.

Both sides maintained consistent dialogue on Leonard's long-term Raptors future since July - with the two-time Finals MVP expecting to finish his career in Toronto. Leonard, 35, now has a total of three years and $165 million on his Raptors deal.

Leonard took $11 million less than his maximum extension number - on top of waiving a $7.45 million trade kicker to accommodate his trade from the LA Clippers - as the sides discussed flexibility for the Raptors' rising salary books.

On June 30, the Raptors and Clippers agreed on a trade sending Leonard back to Toronto for Brandon Ingram, Gradey Dick, two unprotected first-round picks, one first-round pick swap and two second-rounders. The deal was placed on pause when the NBA informed the Raptors in early July that the franchise would be liable for any discipline for Leonard amid the league's investigation into salary cap circumvention allegations for the Clippers, clearing the way for both Toronto and LA to wait on the outcome of the probe.

The NBA announced earlier this month a list of severe punishments for the Clippers, including the loss of five future first-round picks, a fine of $30 million and a yearlong suspension for owner Steve Ballmer for violating salary cap circumvention rules in a case involving Leonard, who paid $700,000 in restitution for improper benefits provided by the franchise for his uncle and former business representative, Dennis Robertson.

Leonard fired Robertson and agent Mitch Frankel in June and hired Gaines weeks later. Robertson has been banned by the NBA from all business dealings.

The NBA's punishments came down after nearly a yearlong investigation into the franchise that "found a pattern of misconduct and multiple significant rules violations by the Clippers organization, a prior offender of the salary cap circumvention rules."

Leonard led the Raptors to their first NBA championship in franchise history in 2019 before leaving Toronto the following offseason to sign with the Clippers.

Leonard, who turned 35 in June, is coming off the highest-scoring season of his career, averaging 27.9 points for the Clippers in 65 games. He is a seven-time All-Star, seven-time All-NBA selection, a two-time NBA champion and two-time Finals MVP (winning in 2019 with Toronto and 2014 with San Antonio) and is generally considered one of the game's top defensive players.