Kawhi Leonard’s second stint with the Toronto Raptors is no longer expected to be another one-year stay. The two-time NBA Finals MVP has agreed to a two-year, $115 million contract extension that can keep him in Toronto through the 2028-29 season.
The extension does not replace Leonard’s existing salary for 2026-27. He was already owed approximately $50.3 million for this season under the contract Toronto inherited when it acquired him from the Los Angeles Clippers. Adding the new $115 million extension gives Leonard approximately three years and $165 million in total contractual value with the Raptors. [ESPN]
The final season of the extension, 2028-29, is a player option. Leonard therefore controls whether he plays that season under the contract or becomes a free agent in the summer of 2028. The 35-year-old also reportedly accepted about $11 million less than the maximum extension he could have received, giving Toronto additional financial flexibility. [Sportsnet]
How Much Is Kawhi Leonard’s Raptors Contract Worth?
Leonard now has approximately $165 million committed to him over the next three seasons.
| Season | Contract Status |
|---|---|
| 2026-27 | Approximately $50.3 million under his existing contract |
| 2027-28 | First season of new extension |
| 2028-29 | Second extension season; player option |
| Total | Approximately $165 million over three years |
The new extension itself is worth $115 million over two additional seasons. Leonard’s existing $50.3 million salary for 2026-27 brings the overall commitment to roughly $165 million. [Reuters]
Is Kawhi Leonard’s Contract Two Years Or Three Years?
Both descriptions can be correct depending on what is being discussed.
The extension is two years and $115 million.
But Leonard already had one season remaining on his previous Clippers contract when Toronto traded for him. That existing 2026-27 year remains in place.
Therefore:
- Existing contract: One year remaining for 2026-27.
- New extension: Two additional seasons covering 2027-28 and 2028-29.
- Total current commitment: Three seasons and approximately $165 million.
What Is Kawhi Leonard’s Player Option?
The 2028-29 season is reportedly a player option controlled by Leonard.
A player option allows Leonard to decide whether to remain under contract for that season or decline the option and become an unrestricted free agent.
If Leonard exercises the option, he stays with Toronto under the agreed salary.
If he declines it, he could negotiate a new contract with Toronto or another NBA team beginning in the summer of 2028.
The option gives Leonard considerable flexibility because he will be 37 years old when he has to make that decision. [CBS Sports]
Is The Entire $115 Million Guaranteed?
Leonard controls whether he receives the money attached to the second year because the 2028-29 season is a player option.
The Associated Press described the extension as being worth as much as $115 million if Leonard plays both seasons. [AP/Fox Sports]
That means the headline $115 million assumes Leonard exercises the 2028-29 option rather than becoming a free agent after 2027-28.
What Is Kawhi Leonard Making In 2026-27?
Leonard is scheduled to make approximately $50.3 million during the 2026-27 season.
That salary comes from the three-year, $149.5 million extension he originally signed with the Clippers in January 2024.
Toronto inherited the remaining year when it acquired Leonard from Los Angeles. [Reuters]
The new $115 million Raptors extension does not begin until 2027-28.
What Is Kawhi Leonard’s Average Salary On The Extension?
The $115 million extension averages $57.5 million per season over two years.
That does not necessarily mean Leonard will receive exactly $57.5 million in each season because NBA contracts can include annual raises.
The final year-by-year salary breakdown had not yet been publicly detailed when the agreement was reported.
Did Kawhi Leonard Take Less Than The Maximum?
Yes. Leonard reportedly left approximately $11 million on the table.
He was eligible for an extension worth roughly $126 million over two seasons but agreed to $115 million instead. [Sportsnet]
| Contract | Approximate Value |
|---|---|
| Maximum available extension | $126 million |
| Leonard’s reported extension | $115 million |
| Difference | About $11 million |
The smaller contract helps Toronto maintain additional salary flexibility while building the rest of its roster around Leonard and Scottie Barnes.
Why Wasn’t Kawhi Leonard’s Extension The Full Max?
Both sides appear to have traded some maximum salary for flexibility.
Leonard received a lucrative new contract and a player option that gives him control over his future.
Toronto received a modest discount that could become important as the Raptors deal with an increasingly expensive roster.
ESPN reported that Leonard and Toronto had consistently discussed his long-term future since July and that the veteran expects to finish his career with the Raptors. [ESPN]
CBS Sports also noted that because Leonard had just been traded, the extension rules limited how large his first-year raise could be. Waiting six months could theoretically have made a larger deal available, but Leonard instead chose to secure the extension immediately. [CBS Sports]
Why Is Kawhi Leonard’s Extension Only Two Years?
The NBA’s Over-38 rule limits the length of the extension Leonard can sign at his age.
Leonard turned 35 in June 2026.
CBS Sports reported that the league’s Over-38 rule prevented the extension from extending beyond two additional seasons. [CBS Sports]
The rule is designed to prevent teams from manipulating the salary cap by paying older players over additional contract seasons when they may no longer realistically be expected to play.
Leonard could still sign another contract later if he remains in the NBA.
Did Kawhi Leonard Waive Money To Get Traded To Toronto?
Yes. Leonard also waived an approximately $7.45 million trade bonus when the Clippers sent him to Toronto.
Leonard’s previous contract included a trade kicker that could have paid him additional money if he were traded.
He waived the bonus to help Toronto complete the transaction without crossing the first salary-cap apron. [USA Today/Yahoo Sports]
Combined with the approximately $11 million he left off the extension, Leonard has made two significant financial concessions connected to his return to Toronto.
What Is A Trade Kicker?
A trade kicker is a contractual bonus triggered when a player is traded.
NBA contracts can contain a percentage bonus that increases the player’s compensation when his team trades him.
Players can waive some or all of that bonus if doing so helps a transaction satisfy NBA salary rules.
Leonard reportedly waived his entire $7.45 million bonus to facilitate his move from Los Angeles to Toronto. [USA Today/For The Win]
Why Did The Raptors Give Kawhi Leonard $115 Million?
Toronto is betting that Leonard remains an elite player capable of turning the Raptors from a playoff team into a championship contender.
Leonard is coming off one of the strongest offensive seasons of his career.
In 65 games for the Clippers during 2025-26, he averaged:
| Statistic | 2025-26 |
|---|---|
| Points | 27.9 per game |
| Rebounds | 6.4 per game |
| Assists | 3.6 per game |
| Steals | 1.9 per game |
| Field-goal percentage | 50.5% |
| 3-point percentage | 38.7% |
He earned another All-Star selection, made the All-NBA Second Team and finished seventh in MVP voting. [Reuters]
Why Do The Raptors Think They Can Contend With Kawhi Leonard?
Toronto was already a playoff team before adding Leonard.
The Raptors went 46-36 in 2025-26, improving by 16 victories over the previous season, and pushed the Cleveland Cavaliers to seven games in the first round despite injuries. [NBA]
Leonard now joins a roster built around Scottie Barnes along with players including RJ Barrett, Immanuel Quickley, Jakob Poeltl and several younger contributors.
Toronto’s theory is straightforward: replacing Brandon Ingram with a healthy Leonard gives the Raptors a more efficient scorer, stronger defender and proven postseason star without forcing the franchise to dismantle the rest of its core.
What Did Toronto Trade For Kawhi Leonard?
The Raptors paid a significant price to bring Leonard back.
Toronto sent the Clippers:
- Brandon Ingram
- Gradey Dick
- Unprotected 2031 first-round pick
- Unprotected 2033 first-round pick
- 2027 first-round pick swap
- 2030 second-round pick
- 2033 second-round pick
Given that price, extending Leonard beyond one season was an important part of making the trade sensible for Toronto.
When Did Kawhi Leonard Return To The Raptors?
The trade officially became complete on September 14, 2026.
Toronto and Los Angeles had initially agreed to the framework on June 30, but the deal was delayed for more than two months because of the NBA’s investigation into the Clippers and Leonard. [NBA]
The Raptors eventually completed the transaction after the league announced the results of that investigation.
Why Was The Kawhi Leonard Trade Delayed?
Toronto paused the deal because the NBA was investigating whether the Clippers circumvented salary-cap rules through outside business arrangements involving Leonard.
The NBA warned Toronto that the Raptors would inherit the risk of any potential discipline affecting Leonard if they completed the trade before the investigation ended.
Toronto therefore waited. [NBA]
The league announced its findings on September 2, allowing the Raptors to evaluate the consequences before finalizing the trade.
What Did The NBA Investigation Find?
The NBA found that the Clippers violated salary-cap circumvention rules in connection with off-court income opportunities arranged for Leonard.
The league said Los Angeles had improperly facilitated business arrangements involving four companies that did business with the Clippers.
The resulting penalties included a $30 million fine against the Clippers, the loss of five first-round draft picks and suspensions for owner Steve Ballmer and other team officials. [NBA]
Leonard was fined $700,000 but was not suspended, and his NBA contract was not voided.
That distinction was crucial for Toronto: once the league left Leonard’s playing contract intact and did not suspend him, the Raptors could proceed with the trade and extension.
Was Kawhi Leonard’s New Raptors Contract Part Of The Clippers Investigation?
No. The $115 million extension is a new contract agreement between Leonard and Toronto after the Clippers investigation concluded.
The investigation concerned Leonard’s previous arrangements while playing for Los Angeles.
The NBA has not alleged that the Raptors’ extension violates salary-cap rules.
Why Did The Clippers Trade Kawhi Leonard?
Leonard and the Clippers were approaching a natural break after six seasons together.
Leonard was entering the final year of his contract, and Los Angeles had not committed to the type of extension he wanted.
The Clippers were also dealing with the fallout from the NBA investigation and were looking to reset the roster following a 42-40 season in which they missed the playoffs. [Reuters]
Toronto, meanwhile, was willing to give Leonard both a return to the franchise where he won a championship and a new long-term contract.
Is Kawhi Leonard Expected To Retire With The Raptors?
That is reportedly Leonard’s expectation, although the contract does not guarantee it.
ESPN reported that Leonard expects to finish his NBA career in Toronto. [ESPN]
His player option means he could technically become a free agent in 2028, so that intention should not be confused with a binding retirement commitment.
If he plays through the option, Leonard would be 38 shortly after the end of the 2028-29 season.
Why Is Kawhi Leonard’s Health Still The Biggest Risk?
The central question is not whether Leonard can still play at a superstar level. It is whether he can stay available often enough to justify the investment.
Leonard’s Clippers tenure included significant time missed because of knee and other injuries.
He appeared in only 37 games in 2024-25 before improving to 65 appearances in 2025-26. [NBC Sports]
The 65-game season was therefore encouraging, but Toronto is still committing more than $50 million per year to a player who will be in his late 30s by the end of the deal.
How Old Is Kawhi Leonard?
Leonard is 35 years old.
He was born June 29, 1991.
He will be:
| Season | Approximate Age During Season |
|---|---|
| 2026-27 | 35 |
| 2027-28 | 36 |
| 2028-29 | 37 |
That age curve is a major reason Toronto kept the extension relatively short instead of making a longer commitment.
How Does Kawhi Leonard’s Contract Affect Toronto’s Salary Cap?
The extension makes Toronto substantially more expensive beginning in 2027-28.
Sportsnet reported that following the current moves, Toronto remains roughly $1 million below the first apron and approximately $13 million below the second apron for the current season. [Sportsnet]
The bigger challenge comes in future seasons.
The Raptors already have significant money committed to players including Barnes, Quickley and Poeltl. RJ Barrett and Jamal Shead can also create additional contract decisions.
Leonard accepting less than his maximum therefore provides meaningful flexibility even though $115 million is still an enormous commitment.
What Are The NBA First And Second Aprons?
The aprons are payroll thresholds that impose increasingly restrictive roster-building rules on high-spending NBA teams.
Crossing them can limit a team’s ability to make trades, aggregate salaries, use exceptions and add players through certain transaction mechanisms.
That is why Leonard’s decision to waive his trade kicker mattered.
ESPN reported that paying the approximately $7.45 million bonus would have pushed Toronto above the first apron immediately following the trade. [USA Today/Yahoo Sports]
How Does Kawhi Leonard’s New Deal Compare With His Clippers Contract?
| Contract | Terms |
|---|---|
| 2024 Clippers extension | 3 years, approximately $149.5 million |
| Remaining Clippers year inherited by Toronto | Approximately $50.3 million in 2026-27 |
| 2026 Raptors extension | 2 years, $115 million |
| Total current Raptors commitment | Approximately 3 years, $165 million |
How Much Has Kawhi Leonard Earned In His NBA Career?
The extension pushes Leonard’s career playing salary even further into the hundreds of millions of dollars.
He has already played 14 NBA seasons for San Antonio, Toronto and the Clippers and signed multiple maximum or near-maximum contracts during his career.
The new Raptors agreement adds another $115 million of potential salary beyond the approximately $50.3 million he was already owed for 2026-27.
Why Is Kawhi Leonard Returning To Toronto Such A Big Story?
Leonard’s first Raptors stint lasted only one season but produced the greatest season in franchise history.
Toronto acquired Leonard from San Antonio in 2018.
He then led the Raptors through a historic playoff run that included his famous Game 7 buzzer-beater against Philadelphia before Toronto eventually defeated Golden State in six games to win the 2019 NBA Finals.
Leonard was named Finals MVP.
He then left Toronto after only one season to sign with the Clippers.
Seven years later, he is back with the Raptors — and this time Toronto has secured additional contract years almost immediately after reacquiring him. [NBA]
Did Kawhi Leonard Ever Re-Sign With Toronto After The 2019 Championship?
No.
Leonard became a free agent following the 2019 championship and signed with the Clippers.
That is why the 2026 extension is historically significant for Toronto.
During his first Raptors tenure, the franchise never had Leonard under contract beyond the championship season. His second stint now carries a potential three-season commitment.
Could The Raptors Trade Kawhi Leonard Again?
Potentially, although the extension is clearly designed around keeping him in Toronto.
NBA rules can create temporary trade restrictions after a player signs certain extensions, and any future deal would also have to comply with salary-matching and apron rules.
More importantly, ESPN reported that Leonard expects to finish his career with Toronto. [ESPN]
The extension therefore looks much more like a commitment than preparation for another trade.
Could Kawhi Leonard Opt Out In 2028 And Sign Another Raptors Contract?
Yes.
Leonard can decline his 2028-29 player option and negotiate another agreement.
That could potentially allow Toronto and Leonard to restructure his compensation as he gets older — for example, trading a lower annual salary for additional contract years.
CBS Sports noted that this could eventually become one way Toronto manages an increasingly expensive roster. [CBS Sports]
Whether that happens will depend on Leonard’s health, performance and desire to continue playing.
Is Kawhi Leonard’s Extension Official?
Leonard and the Raptors have agreed to the deal, according to his agent and multiple major reports.
Agent Harrison Gaines confirmed the agreement to ESPN on September 22. The Associated Press, Reuters, Sportsnet and other outlets subsequently confirmed the terms. [ESPN]
Sportsnet reported that Toronto was expected to formally announce the extension on September 23. [Sportsnet]
Kawhi Leonard Raptors Contract Timeline
| Date | Development |
|---|---|
| July 2018 | Toronto acquires Leonard from San Antonio. |
| June 2019 | Leonard leads Toronto to its first NBA championship and wins Finals MVP. |
| July 2019 | Leonard leaves Toronto in free agency and signs with the Clippers. |
| January 2024 | Leonard signs a three-year, approximately $149.5 million extension with Los Angeles. |
| June 30, 2026 | Toronto and Los Angeles agree to a trade that would return Leonard to the Raptors. |
| July 9 | Toronto puts the trade on hold pending the NBA’s investigation into the Clippers. |
| September 2 | NBA announces findings and penalties. Leonard is fined $700,000 but not suspended. |
| September 14 | The Raptors and Clippers complete the Leonard trade. |
| September 22 | Leonard agrees to a two-year, $115 million extension with a player option for 2028-29. |
[NBA] [NBA Investigation] [Reuters]
Kawhi Leonard Raptors Contract FAQ
What is Kawhi Leonard’s Raptors contract?
Leonard agreed to a two-year, $115 million extension with Toronto. Combined with the approximately $50.3 million he was already owed in 2026-27, he now has approximately three years and $165 million committed to him.
How long is Kawhi Leonard under contract with Toronto?
Potentially through the 2028-29 season. His 2028-29 season is a player option, so he can instead become a free agent in 2028.
How much is Kawhi Leonard making this season?
Approximately $50.3 million in 2026-27 under the final year of the contract Toronto inherited from the Clippers.
When does Kawhi Leonard’s $115 million extension begin?
The extension begins with the 2027-28 season.
How much is the extension worth per year?
The $115 million total averages $57.5 million over two seasons, although the exact annual salary distribution had not initially been publicly detailed.
Is the 2028-29 season guaranteed?
It is Leonard’s player option. He controls whether he exercises it and remains under contract for that season.
Could Kawhi Leonard become a free agent in 2028?
Yes. He can decline the 2028-29 player option and enter free agency.
Did Kawhi Leonard take less than the maximum?
Yes. Reports say the maximum available extension was roughly $126 million and Leonard accepted $115 million, a difference of approximately $11 million.
Why did Kawhi Leonard take less money?
The smaller extension gives Toronto more roster flexibility while Leonard received a lucrative deal and a player option that preserves control over his future.
Did Kawhi Leonard waive his trade kicker?
Yes. He reportedly waived approximately $7.45 million that otherwise could have been triggered by the Clippers-Raptors trade.
Why did he waive the trade kicker?
Paying the bonus would have pushed Toronto above the NBA’s first apron. Waiving it made the trade easier for the Raptors to complete while maintaining roster flexibility.
How much money did Kawhi Leonard give up between the trade kicker and extension?
Approximately $18 million compared with the theoretical trade bonus and maximum extension: roughly $7.45 million from the waived trade kicker and about $11 million below the extension maximum.
Why could Kawhi only sign a two-year extension?
The NBA’s Over-38 contract rule limited the length of the extension because of Leonard’s age.
How old is Kawhi Leonard?
Leonard is 35 and will be 37 during the final season covered by the new extension.
Why did the Raptors extend Kawhi Leonard?
Toronto traded significant players and draft capital to acquire him and views Leonard as the elite scorer and defender who can elevate a 46-win playoff roster into championship contention.
What did Toronto trade for Kawhi Leonard?
The Raptors sent Brandon Ingram, Gradey Dick, two unprotected first-round picks, a first-round pick swap and two second-round picks to the Clippers.
Why was the Kawhi Leonard trade delayed?
Toronto paused the transaction while the NBA investigated whether the Clippers circumvented league salary rules through outside business arrangements involving Leonard.
Was Kawhi Leonard suspended by the NBA?
No. The league fined Leonard $700,000 but did not suspend him or void his NBA contract.
Does Kawhi Leonard still have injury concerns?
Yes. Leonard has missed substantial time with injuries during his career, although he played 65 games and produced one of his best statistical seasons in 2025-26.
What did Kawhi Leonard average last season?
He averaged a career-high 27.9 points along with 6.4 rebounds, 3.6 assists and 1.9 steals per game in 65 appearances for the Clippers.
Does Kawhi Leonard plan to retire with Toronto?
ESPN reported that Leonard expects to finish his career with the Raptors. His player option means that intention is not contractually guaranteed, but the new agreement gives Toronto control of at least one additional guaranteed season beyond 2026-27 and potentially two.
What is the simplest explanation of Kawhi Leonard’s new contract?
Leonard was already owed about $50 million this season. Toronto added two more years worth as much as $115 million, with Leonard controlling the final season through a player option. That gives him roughly $165 million over the next three years while giving the Raptors the long-term commitment they wanted after paying a major trade price to bring their 2019 Finals MVP back to Toronto.
