Fred VanVleet is officially back with the Toronto Raptors.
The Raptors today announced that VanVleet has re-signed with the franchise.
We're all in on @FredVanVleet. #BetOnYourself pic.twitter.com/Ecry0XTNDy
— Toronto Raptors (@Raptors) November 24, 2020
According to The Athletic's Shams Charania, VanVleet agreed to a four-year, $85 million contract with the Toronto Raptors.
The fourth year is reportedly a player option.
VanVleet's contract includes a player option in the fourth season, sources said. His agency, @ParLay_SE, has done $145M in contracts over last two days. https://t.co/8f7R6ota5M
— Shams Charania (@ShamsCharania) November 21, 2020
Additionally, VanVleet's deal starts at $21.25 million and decreases in 2021-22, per Michael Grange of Sportsnet. That preserves some cap space for next offseason.
I'm told VanVleet's 4yr/$85 deal (player option in yr 4) starts at $21.25 and then decreases by 8% in yr 2 (2021/22) before ramping up again. The drop going into summer of 2021 helps preserve Raptors cap space.
— Michael Grange (@michaelgrange) November 21, 2020
Undrafted in 2016, VanVleet is coming off of the best season of his career. He appeared in 54 games in 2019-20, all of which he started in, posting averages of 17.6 points, 6.6 assists, 3.8 rebounds and 1.9 steals on .413/.390/.848 shooting splits. VanVleet was then Toronto's leading scorer in the playoffs with an average of 19.6 points per game.
I had VanVleet ranked as the best point guard available and the third-best player overall this offseason. The Detroit Pistons, New York Knicks and Phoenix Suns had been mentioned as potential destinations for VanVleet were he to leave the Raptors.
The Raptors now have VanVleet and one-time All-Star Pascal Siakam under team control for several years. OG Anunoby could join them as he's eligible for an extension this offseason, but the Raptors could hold off on offering him an extension until next offseason to maximize cap space.
Kyle Lowry, meanwhile, has one more year remaining on his contract, setting him up to be an unrestricted free agent in the 2021 offseason.
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