Toronto Raptors forward Kelly Olynyk. John E. Sokolowski-USA TODAY Sports

Kelly Olynyk, Raptors agree to a two-year contract extension

Originally posted on Hoops Rumors | By Tristan Tucker | Last updated 3/4/24

Raptors center Kelly Olynyk has agreed on a two-year, $26.25M contract extension with Toronto, according to ESPN’s Adrian Wojnarowski.

The deal is the max amount Olynyk was able to extend on, Wojnarowski adds. The extension was made official by the team.

The Raptors acquired Olynyk at the trade deadline alongside Ochai Agbaji in exchange for Otto Porter, Kira Lewis and a late 2024 first-round pick (least favorable of the Thunder, Clippers, Rockets or Jazz).

As we reported Thursday, there was optimism the two sides would be able to reach an agreement on a new contract. As explained there, the lottery-bound Raptors likely wouldn’t have traded draft capital if they didn’t envision Olynyk being part of their future.

As observed by ESPN’s Bobby Marks, Olynyk was eligible to agree to an extension with the Raptors up until June 30 for two additional seasons. The first year of his salary is a 5% increase of his 2023-24 salary, the maximum allowed by the league’s extend-and-trade rules. He’ll make $12,804,878 in ’24-25 and $13,445,122 in ’25-26.

According to TSN’s Josh Lewenberg , the two sides have been working on the deal since Olynyk was acquired at the deadline.

Olynyk, 32, has appeared in nine games with the Raptors since the trade. He’s averaging 9.6 points, 4.2 rebounds, 2.9 assists and 1.6 steals while shooting 46.0% from the floor and 26.3% from beyond the arc for Toronto.

On the season as a whole, spanning 59 appearances with Utah and Toronto, Olynyk holds averages of 8.3 points, 4.9 rebounds and 4.2 assists.

This article first appeared on Hoops Rumors and was syndicated with permission.

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