Raptors Waive Tyreke Key
The Raptors have waived guard Tyreke Key, according to Blake Murphy of Sportsnet.ca (Twitter link). The move opens up a spot on Toronto’s 15-man standard roster.
A 6’2″ combo guard, Key signed a rest-of-season minimum-salary contract with the Raptors on Monday after having spent the past two years with the team’s G League affiliate. However, he wasn’t active for Toronto’s games on Tuesday or Thursday and will hit waivers without having made his regular season NBA debut.
Key emerged as a reliable scorer this season for the Raptors 905, averaging 16.6 points per game in 33 regular season outings (14 starts) while shooting 52.1% from the field and 42.1% from three-point range. He went undrafted out of Tennessee in 2023 after spending his first four collegiate seasons at Indiana State and then played in Belgium for a year before signing in the G League.
It appears as if the Raptors’ promotion of Key was more about rewarding him for his performance in the NBAGL over the past couple seasons than anything else. His prorated minimum-salary deal for the final week of the regular season paid him $51,207, representing a nice bonus on top of his modest earnings in the G League. The standard NBAGL salary this season was $45K, while Key also earned another $35K via an Exhibit 10 bonus.
The move will allow Toronto to sign a free agent or promote a two-way player into its 15th roster spot on or before the team’s regular season finale on Sunday. Fourth-year shooting guard A.J. Lawson and 2025 second-round pick Alijah Martin have made 22 NBA appearances apiece in 2025/26 and would each be a viable candidate to be converted from his two-way contract to the standard roster, gaining playoff eligibility.
Raptors Sign Tyreke Key
The Raptors have announced the signing of Tyreke Key.
The 27-year-old guard has spent the past two years with the team’s G League affiliate, the Raptors 905. He received an Exhibit 10 contract last September, but was waived the same day. Key emerged as a reliable scorer this season, averaging 16.6 points per game in 33 regular season outings (14 starts) while shooting 52.1% from the field and 42.1% from three-point range.
Key went undrafted out of Tennessee in 2023 after spending his first four collegiate seasons at Indiana State. He played in Belgium before getting the G League opportunity.
The Raptors have been carrying a roster opening since Markelle Fultz‘s 10-day contract expired last week, so another move won’t be necessary to add Key. Toronto passed on the option to sign Fultz to a second 10-day deal, with Michal Grange of Sportsnet suggesting at the time that Key was a candidate to become the team’s new 15th man.
Blake Murphy of Sportsnet (Twitter link) notes that the organization likes to reward players who’ve done well at the G League level. He also suggests that one of the team’s two-way players, either Alijah Martin or A.J. Lawson, could replace Key by the end of the season to make them playoff-eligible. Key – or another player on a standard contract – would have to be waived to open up a spot for a two-way player to be promoted.
Checking In On Playoff Picture, Expired 10-Day Contracts
Although we already know which 20 teams will be taking part in the NBA’s postseason, only seven of those clubs have officially clinched playoff spots, assuring themselves of a top-six finish in their respective conferences. The Pistons, Celtics, and Knicks have booked their tickets in the East, while the Thunder, Spurs, Lakers, and Nuggets have done so in the West.
Two more teams could secure top-six playoff spots on Thursday. According to the NBA (Twitter link), the Cavaliers will clinch a playoff berth with a win tonight in Golden State, while the Rockets will be assured of a playoff appearance if the Suns lose in Charlotte.
Although the Timberwolves can’t clinch their own playoff spot with a win tonight, they hold a 4.5-game lead over Phoenix for the No. 6 spot in the West, where we’re getting pretty close to the playoff and play-in fields being set. Barring a late-season collapse, Minnesota and Houston will almost certainly join Oklahoma City, San Antonio, the Lakers, and Denver as top-six seeds, leaving the Suns, Clippers, Trail Blazers, and Warriors to battle it out in the play-in tournament. Those last three teams are already locked into the play-in, though seeding remains up for grabs.
The most compelling remaining playoff race figures to be for the final guaranteed playoff spot(s) in the East. The Cavs, who could’ve clinched with a win on Tuesday or a Philadelphia loss on Wednesday, will undoubtedly secure their spot sooner or later, but the fifth and sixth seeds in the conference are far from settled. The No. 5 Hawks (44-33) are separated from the No. 10 Heat (40-37) by just four games, with the Sixers (42-34), Raptors (42-34), Hornets (40-36), and Magic (40-36) also battling to finish in the top six — or at least to take part in the No. 7 vs. No. 8 play-in game, which would guarantee them two chances to make the playoffs.
While none of those Eastern teams is locked into the play-in yet, blowout home losses on Wednesday have made it increasingly difficult for Orlando and Miami to claw their way into the top six. Conversely, Atlanta strengthened its hold on the No. 5 seed with an impressive win over the Magic. The Hawks have now won 17 of their last 19 games.
In other housekeeping news, a total of four 10-day contracts expired overnight on Wednesday: Bez Mbeng (Jazz), DeJon Jarreau (Grizzlies), Tyler Burton (Grizzlies), and Markelle Fultz (Raptors).
Reporting has already indicated that the Jazz intend to re-sign Mbeng for the rest of the season, but that’s not an option for the Grizzlies with Jarreau or Burton unless they waive someone from their 15-man roster, since they were on hardship deals and aren’t eligible to sign another 10-day contract with Memphis. The Grizzlies remain eligible to re-add two players in those hardship slots, but barring more significant roster changes, they’ll likely have to bring in a pair of newcomers to replace Jarreau and Burton.
The Raptors, meanwhile, have the ability to re-sign Fultz, since they now have an open 15-man roster spot and the former No. 1 overall pick has only received a single 10-day deal with the team. He did appear in five games during his first 10 days with the club, but played very limited minutes and wasn’t all that effective (four total points on 2-of-11 shooting in 36 minutes).
The expectation is that the Raptors will sign someone else to replace Fultz, according to Michael Grange of Sportsnet.ca, who identifies Raptors 905 sharpshooter Tyreke Key as a potential candidate for a 10-day deal. If Toronto signs Key or someone else to a 10-day contract on Thursday, it would expire next Saturday night, allowing the team to promote one of its two-way players to the standard roster ahead of the postseason next Sunday.
Since there are only 11 days left in the season, time is quickly running out for teams to sign players to standard 10-day contracts. Starting on Friday, a team with an open roster spot would simply be signing a player to a rest-of-season deal. However, hardship “10-day” signings are still permitted through the end of the season. They would expire after the regular season finale, making those players free agents immediately.
Several more 10-day contracts, including Omer Yurtseven‘s with the Warriors, Malachi Smith‘s with the Nets, and Charles Bassey‘s with the Celtics, will end this weekend. Boston will have to either re-sign Bassey or bring in a new 14th man on Saturday after the center’s second 10-day deal expires on Friday night, since the Celtics aren’t permitted to carry fewer than 14 players on standard contracts for a full day for the rest of the season.
Our 10-day tracker shows the full list of active deals.
Why So Many Players Will Be Signed-And-Waived Before Season
The Raptors have signed three free agents to their offseason roster this week. They’ve also waived those same three players, with Quincy Guerrier, Tyreke Key, and Jarkel Joiner each spending no more than a single day under contract with the team, despite the fact that training camp is still weeks away.
There will be dozens of this sort of “sign-and-waive” transaction completed in the next five-plus weeks before opening night — many of them will involve players who don’t have a realistic path to make their team’s regular season roster and won’t be under contract for more than a day or two.
While they may look pointless on the surface, these moves are meaningful to teams and players for a couple reasons. Here are the two reasons why you can count on seeing many more sign-and-trade moves in the coming weeks:
1. In order to secure a player’s G League rights
Up to four players waived by a team prior to the start of the NBA regular season can be designated as “affiliate players.” As we explain in more detail in our glossary entry on the subject, if a player designated as an affiliate player signs a G League contract, he’s automatically assigned to that team’s NBAGL squad.
A player can only be made an affiliate player if his returning rights aren’t already controlled by a G League team. That’s why our annual list of affiliate players around the league consists mostly of undrafted rookies and a few veterans who have never played in the NBAGL before.
If a player has only ever been assigned to the G League while on a standard or two-way contract with an NBA team, his returning rights aren’t controlled by that club. For example, if a team were to sign Emoni Bates to a training camp deal this fall, it could designate him as an affiliate player, since he has only played in the G League while on a two-way contract with the Cavaliers — that means the Cleveland Charge don’t control his returning rights.
Sign-and-waive transactions involving players meant to be designated as affiliate players often don’t occur until training camps begin, since a player is typically require to participate in at least one day of team activities in order to qualify as an affiliate player.
2. In order to award a player a bonus
Many of the players who are signed and immediately waived by an NBA team can’t be designated as affiliate players because their G League rights are already controlled by a specific club.
This applies to the three players signed-and-waived by the Raptors this week — Guerrier and Key played for the Raptors 905 last season, while Toronto’s affiliate made a trade last month to acquire Joiner’s returning rights. That means if Guerrier, Key, and Joiner sign G League contracts this fall, the 905 would control them as “returning rights” players and wouldn’t have to use one of their four “affiliate player” slots to retain them.
The Raptors didn’t need to sign Guerrier, Key, and Joiner to contracts to acquire their G League rights, but giving them non-guaranteed Exhibit 10 deals will allow Toronto to award those players some bonus money on top of their standard G League base salaries.
A player who signs an Exhibit 10 contract and then is waived before the season will earn his Exhibit 10 bonus if he spends at least 60 days with his team’s G League affiliate. This season, the maximum Exhibit 10 bonus amount is $85,300. Since those bonuses don’t count against the cap, they serve as a way for teams to reward or incentivize a player who joins their G League affiliates instead of seeking another opportunity, perhaps overseas.
The majority of players who sign Exhibit 10 contracts are awarded the maximum allowable bonus ($85,300), but some G League role players will agree to receive bonuses that come in below that max. For example, Key – who averaged just 17.3 minutes per game during the NBAGL regular season in 2024/25 – agreed to a bonus worth just $35K, Hoops Rumors has learned.
Still, even a modest Exhibit 10 bonus represents a significant raise for a player who signs a G League contract. Shams Charania of ESPN reported in the fall of 2022 that the base NBAGL salary at that time was $40,500. It’s possible that figure has increased slightly since then, but it’s still just a small fraction of what a player would earn on a standard – or even a two-way – NBA contract. An Exhibit 10 bonus could double or even triple a G League player’s earnings for that season.
It’s worth noting that if the Raptors hadn’t acquired Joiner’s returning rights from the Hawks’ G League affiliate, they wouldn’t be in position to carry him on the 905’s roster or give him an Exhibit 10 bonus. If an NBA team signs and waives a player whose NBAGL rights are held by another organization, it’s generally a safe bet that a G League trade to acquire that player’s returning rights is in the works.
While only some of the many sign-and-waive transactions that occur between now and the start of the regular season are about acquiring a player’s NBAGL rights, nearly all of them will involve lining up some bonus money for a player ticketed for the G League.
Raptors Sign, Waive Tyreke Key
The Raptors signed and subsequently waived free agent guard Tyreke Key, according to Blake Murphy of Sportsnet.ca (Twitter links), who confirms that Key received an Exhibit 10 deal.
After going undrafted out of Tennessee in 2023, Key spent his first professional season in Belgium as a member of the Leuven Bears, then played for the Raptors 905 in the G League in 2024/25.
Key made 42 total appearances in the Tip-Off Tournament and regular season for Toronto’s G League affiliate last season, averaging 6.8 points, 2.2 rebounds, and 1.5 assists in 21.5 minutes per game, with a shooting line of .472/.395/.703.
As was the case with Quincy Guerrier on Tuesday, the sign-and-waive move is designed to allow the Raptors to give Key an Exhibit 10 bonus worth up to $85,300 (on top of his NBAGL base salary) if he rejoins the 905 and spends at least 60 days with the club.