Toronto Raptors sign Kawhi Leonard to massive $115‑million contract extension

Kawhi Leonard just cashed in with the Toronto Raptors. 

The two-time NBA Finals MVP has agreed to a two-year, $115 million contract extension, plus a player option for the 2028-29 season, according to ESPN's Shams Charania.

The Raptors acquired Leonard in an offseason trade from the Los Angeles Clippers in exchange for Brandon Ingram, Gradey Dick, and several draft picks. Since the deal was made, Toronto's front office has reportedly been planning out the 35-year-old's future with the franchise.

Charania also reported that Leonard took $11 million less than his maximum extension number to accommodate the Raptors, on top of waiving a $7.45 million kicker after his trade from Los Angeles.

Just in: Toronto Raptors All-NBA star Kawhi Leonard has agreed on a two-year, $115 million contract extension with the franchise, plus a player option for the 2028-29 season, his agent Harrison Gaines of SLASH Sports tells ESPN. pic.twitter.com/naqrW8jBV3

— Shams Charania (@ShamsCharania) September 22, 2026

The Raptors will have the seven-time All-Star under control for the next two seasons, with Leonard having a player option in 2028-29.

It is reported that Kawhi fully expects to stick around and wants to finish his career as a Raptor, and this two-year extension will allow him to do that.

Leonard will have a cap hit of $50.3 million for the upcoming 2026-27 season.

The Raptors were apparently not the only team interested in acquiring Leonard.

The Detroit Pistons, Minnesota Timberwolves, and Miami Heat were reportedly all interested in the former two-time Defensive Player of the Year. However, Kawhi made it clear that Toronto was the only place he wanted to be.

On the most recent episode of the Raptors YouTube series Open Gym, Leonard said he didn't want to "put on a thousand jerseys" or try to chase a championship.

The fact of the matter is, he and his family apparently loved his 2019 championship-winning stint in Toronto and wanted to come back.

Less than a month out from the start of the 2026-27 season, Leonard and the Toronto Raptors currently have the sixth-best odds in the league to win the NBA title at 22/1.