Raptors Extend Kelly Olynyk on Multi-Year Deal
Kelly Olynyk is sticking around Toronto.
He and the Toronto Raptors have reportedly agreed to a two-year, $26.25 million extension ahead of what would have been unrestricted free agency for Olynyk this summer, according to ESPN’s Adrian Wojnarowski. The deal is the maximum contract Olynyk was allowed to sign prior to becoming a free agent.
Toronto acquired Olynyk at the trade deadline from the Utah Jazz as part of a multi-player deal that saw the Raptors send a late 2024 first-round pick to Utah along with Otto Porter Jr. and Kira Lewis Jr. for Olynyk and Ochai Agbaji.
It made sense for Toronto to try to work out an extension as Olynyk would have had an expensive $23.2 million salary cap hold this summer, clogging up Toronto’s salary cap sheet. While the Raptors are unlikely to be a team with salary cap space this summer, the Olynyk deal creates some flexibility for the organization.
Olynyk’s new contract will pay him roughly $13 million per season to keep him with the organization through his age 34 season.
A Toronto native, Olynyk is averaging 9.6 points, 2.9 assists, and 4.2 rebounds per game while shooting 46% from the field. His three-point shot hasn’t fallen quite as expected, but for the season he remains a 39.8% shoot from behind the arc.
The Raptors are now expected to have just two rotation players heading into free agency with Immanuel Quickley and Gary Trent Jr. both looking for new deals this summer. Quickley is almost certainly to resign when he enters unrestricted free agency. Trent’s future with the organization is a little more uncertain.
