An agreement on a contract extension between the Raptors and Kelly Olynyk will likely be reached at some point, according to Doug Smith of The Toronto Star (Twitter link). Michael Grange of Sportsnet.ca agrees, tweeting that there is “lots of optimism” about the two sides striking a deal, though the timing is yet to be determined.
Olynyk began the season in Utah, but was sent to Toronto in a deadline deal along with teammate Ochai Agbaji in exchange for a package that included a first-round pick. The Raptors likely would’ve been less willing to give up that 2024 first-rounder if they weren’t relatively confident about their chances of retaining Olynyk – a Toronto native – beyond the expiration of his current contract this summer.
Olynyk, who has averaged 9.4 points, 3.4 rebounds, and 2.7 assists in 18.9 minutes per game across his first 17 appearances as a Raptor, will be extension-eligible all the way up until June 30, though he’ll only be able to tack up to two years onto his current deal and won’t be eligible for a raise greater than 5% due to the NBA’s extend-and-trade rules.
The Canadian big man will turn 33 in April and is earning approximately $12.2MM this season, so those limitations may not be an issue. Grange suggests that a two-year deal in the neighborhood of $25MM might be about right for the 11-year veteran. His max extension prior to free agency would be worth $26.25MM over two years.
A new deal for Olynyk isn’t expected to have any direct impact on Jakob Poeltl‘s future in Toronto, since the two centers have different skill sets and will play different roles. The Raptors presumably don’t envision Olynyk taking the starting job from Poeltl, who has three years and $58.5MM left on his contract beyond this season (those figures include a 2026/27 player option).
While Olynyk could end up signing an extension at some point in the coming days or weeks, it wouldn’t be a surprise if negotiations go well into the spring or even the summer. After the Raptors acquired Thaddeus Young at the 2022 trade deadline, for instance, they waited until the evening of June 30 to announce an extension of the forward’s expiring contract.
If Olynyk decides he’d prefer to test the market, perhaps to seek more than two years or a starting salary higher than $12.8MM on his next contract, he could opt for free agency and sign a new deal with the Raptors or another team in July.
So the benefit for Toronto here is what? Clearly the motivation for this would be to ensure you have a trade asset going forward? I highly doubt they see themselves contending next year, maybe the year after. Betting on 35 year old Kelly O being worth 12 million seems like a gamble that a team with little to no direction doesn’t need to be taking.
Ko is a positive value with teams so raptors will retain him for at least that benefit
Raps always have a plan. Hawks, hornets, pistons can’t say the same.
“little to no direction” is also just incorrect. They chose to retool with young talents rather than trying to rebuild from the ground up and it’s already looking like a smart move. Their starting 5 is +10 per 100 possessions. The bench and rotations could use some upgrades, but they already have a solid core. Hell, the 4-man lineup of Barrett, Quickley, Barnes, and Poeltl is +11.5. (For reference, Tatum-Brown-Porzingis-Holiday as a 4-man is +10.8 per 100). They have talent and upside. They just need more time to mesh.
Of course, TOR is looking to re-sign KO. They gave up a FRP (albeit a very late one in an unloved draft) for him and Agbaji (who alone would not be worth the pick). They inquired about him previously and obviously see him as a part of their rebuild/reset. Whether he fits skill-set wise is a judgment call. But he can shoot the 3 well, and, for TOR, that’s a good start.
People can say what they want about kelly but he has had a very solid career.