Raptors, Kawhi Leonard agree on 2-year, $115 million extension, AP source says

Kawhi Leonard and the Toronto Raptors have agreed on a two-year contract extension that could be worth $115 million if he plays both seasons, according to a person with knowledge of the negotiations.

The second year of the deal, the 2028-29 season, is at Leonard’s option, according to the person who spoke Tuesday to The Associated Press on condition of anonymity. The Raptors on Wednesday confirmed that the contract had been signed, without releasing the terms, which were first reported by ESPN.

Leonard, 35, led the Raptors to the 2019 NBA title and is now locked into a new deal with a team with eyes on competing for another title. He is coming off the highest-scoring season of his career, averaging 27.9 points for the Los Angeles Clippers in 65 games a year ago.

Leonard will make just over $50 million this season, the last year of his current contract. It was generally assumed that the Raptors would strike a deal to keep Leonard — a seven-time All-Star, two-time NBA champion and two-time NBA Finals MVP — soon after landing him in a trade with the Clippers.

The sides agreed to that trade in late June but didn’t complete it until earlier this month, delaying the process because of the NBA’s investigation into whether the Clippers circumvented salary cap rules on Leonard’s behalf. The NBA found four deals that ran afoul of league rules, leading to a one-year suspension of Clippers owner Steve Ballmer, the forfeiture of five first-round draft picks, suspensions of other team personnel and a $30 million fine.

Leonard was fined $700,000 by the league but is not facing any suspension.