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Fred VanVleet Will Opt-Out of Player Option and Hit Free Agency This Summer, per Report
Fred VanVleet is heading into unrestricted free agency this summer.
The 29-year-old Toronto Raptors guard has made the unsurprising decision to opt out of his $22.8 million player option for next season, according to ESPN’s Adrian Wojnarowski. The decision means VanVleet will hit the open market on June 30.
This decision doesn’t mean VanVleet won’t be back with the Raptors next year as he’s still eligible to re-sign with Toronto when free agency begins. He’s also eligible to sign an extension ahead of free agency should he opt to go in that direction.
VanVleet, however, is expected to receive interest from multiple teams including the Houston Rockets, Orlando Magic, Phoenix Suns, and others. He reportedly hasn’t ruled out a return to Toronto, per ESPN.
Toronto can sign VanVleet up to a max contract of nearly $40 million per season over five years. He is unlikely to get a deal that high and is projected to get something in the neighborhood of $28 to $30 million per season over three or four years.
Should he leave in free agency this summer, Toronto has almost no means to replace VanVleet. The Raptors are unlikely to have any meaningful cap space even if VanVleet leaves and the mid-level exception is unlikely to lure anything better than a rotation player.
VanVleet averaged 19.3 points with a career-best 7.3 assists per game this past season while shooting 34.2% from behind the arc. He was named an NBA All-Star in 2021-22.
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