Kelly Olynyk, a 6-foot-11 Canadian center, is expected to sign a multi-year extension with the Toronto Raptors in the coming weeks, according to Doug Smith of the Toronto Star. The Raptors acquired Olynyk and Ochai Agbaji ahead of last week’s trade deadline in a deal with the Utah Jazz for Toronto’s least valuable 2024 first-round pick, Otto Porter Jr., and Kira Lewis Jr. Following the deadline, the Raptors
“I think the way we view him specifically is he’s kind of like a steady hand,” Raptors general manager Bobby Webster said last Thursday. “We’re thrilled to welcome Kelly. The talks have been excellent. “I believe he really wants to be here.” Olynyk is in the last year of a three-year, $37.2 million contract that he signed in 2021. He is slated to become an unrestricted free agency this summer if he does not sign an extension, although he has expressed interest in signing a long-term contract to stay in Toronto. “I would love to,” Olynyk said of the potential of staying with the Raptors after this season. “I’d love to be here for the rest of my career, hopefully, that plays out.”
Smith said that Olynyk, 32, is set to sign a two-year contract with a third-year option. Toronto will want to reach an agreement with Olynyk before the offseason begins to eliminate his $23.2 million cap hold for the summer. Assuming that amount is closer to his current $12 million yearly contract worth, the Raptors may be able to free up some cap space if they renounce the rights to Gary Trent Jr. and Bruce Brown.
