Instant Grade: Raptors Sign New Kawhi Leonard Contract

Kawhi Leonard smiles against the Phoenix Suns in the second half at Mortgage Matchup Center. IMAGN IMAGES via Reuters Connect

Instant Grade: Raptors Sign New Kawhi Leonard Contract

Originally posted on Toronto Raptors on SI
By Jeremy Brener | Last updated Sep 22, 2026 4:00 PM ET

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The Toronto Raptors are making moves for their future by signing Kawhi Leonard to a two-year extension worth $115 million.

On top of his $50 million that he is set to make for the 2026-27 campaign, the final total amounts to $165 million over three years, which is not the max he could have made.

"Leonard took $11 million less than his maximum extension number — on top of waiving a $7.45 million kicker to accommodate his trade from the Clippers — as the sides discussed flexibility for the Raptors' rising salary books," ESPN insider Shams Charania tweeted.

Leonard took $11 million less than his maximum extension number — on top of waiving a $7.45 million kicker to accommodate his trade from the Clippers — as the sides discussed flexibility for the Raptors' rising salary books.
— Shams Charania (@ShamsCharania) September 22, 2026

Raptors Get Kawhi Leonard on Team-Friendly Deal

Having some flexibility for the Raptors moving forward is a massive win for the front office. The team believes they are close to contending with the current core of the roster, but there might need to be another piece or two added to ensure they can take an additional step if needed.

The Raptors currently are less than $1 million under the first apron, while they sit $13.6 million under the second apron. The team only has four guaranteed contracts on the books for 2027-28, so they are unsure of the direction they will take moving forward. With Leonard not taking his maximum deal, it gives Toronto more options down the line.

Charania spoke about the deal on ESPN, and the contract will keep Leonard in Toronto until the end of the 2028-29 campaign, when he will be close to turning 38 years old.

"My understanding is that he fully expects to retire and finish his career in Toronto, and this deal allows him to do that," Charania said.

This doesn't mean he won't sign a new deal in either 2028 when he can opt out of the contract or in 2029 when he hits free agency, but it gives him the opportunity to go down that route.

It could be risky handing someone in their mid-30s a massively large contract, but the Raptors are rolling the dice and taking a chance on a player that helped them win their first championship and is hungry for No. 2. This looks like a pretty good deal for both sides.

Leonard will join the Raptors in Quebec City for the start of training camp early next week.