Raptors, Kelly Olynyk agree on a two-year, $26.25 million contract extension

The Toronto Raptors and center Kelly Olynyk agreed to a two-year, $26.25 million contract extension, agent Jeff Schwartz of Excel Sports announced on Monday. Olynyk, 32, was eligible to sign the extension up till June 30.

His new deal will take him through the 2025-26 season, and the extension gives him the maximum 5% annual raises allowed under the deal, according to ESPN’s Adrian Wojnarowski.

Olynyk was part of the Utah Jazz trade deal in February. Toronto pursued the 11-year veteran to support Jakob Poeltl in the frontcourt, and the club had intended to sign him to this extension.

Per multiple NBA betting sites, the Raptors hold 12th-shortest odds to make the playoffs in the Eastern Conference. Sportsbooks are showing better odds for the Atlanta Hawks and Brooklyn Nets.

Olynyk was traded to Toronto in February and was allowed to extend up until June 30 for 2 additional seasons.

The first year of the extension is a 5% increase off his current 2023-24 salary-the maximum allowed.

2024-25: $12,804,878

2025-26: $13,445,122 https://t.co/B3su46kHgy

— Bobby Marks (@BobbyMarks42) March 4, 2024

The Ontario native is in the final season of the three-year, $37.19 million deal he signed with the Detroit Pistons in August 2021. He is making $12.19 million this season and is slated to make as much as $13.44 million in 2025-26.

Through 59 games and eight starts this season, Olynyk is averaging 8.3 points, 4.9 rebounds, a career-high 4.2 assists, and 20.4 minutes per game. Plus, he’s shooting a career-best 54.2% from the field and 39.8% beyond the arc.

In Utah’s 119-111 win over Detroit on Dec. 21, the center recorded a season-high 27 points, three rebounds, six assists, and four steals in 34 minutes of action.

Toronto Raptors’ Kelly Olynyk one of six NBA players shooting 39% on 3s, 60% on 2s this season

Olynyk is just one of six players shooting 39% on 3-pointers and 60% on 2-point field goals this season, according to ESPN Stats & Information research.

Additionally, the former Utah star ranks 19th in defensive box plus/minus (1.7) and 17th in offensive rating (128) this season. He sits 19th in steal percentage (2%) as well.

In September, Jazz coach Will Hardy compared NBA training camp to The Hunger Games during a news conference. Hardy was asked how many Katniss Everdeens he has on this season’s team. He listed just one.

Kelly Olynyk and Ochai Agbaji are doing things pic.twitter.com/Q32n8f0dvS

— Jazz Lead (@JazzLead) February 27, 2024

“I’m gonna go with Kelly [Olynyk],” Hardy told The Salt Lake Tribune. “Kelly has a way of fitting in with everybody. So we have one. I’m sure the other guys will be offended.”

Hardy was then asked whether Olynyk would have what it takes to win it all.

“Yeah, but you don’t think that when he walks in,” the coach replied.

Furthermore, Olynyk was selected 13th overall by the Dallas Mavericks in the 2013 NBA Draft out of Gonzaga University. He was then immediately traded to the Boston Celtics.

The 6-foot-11 big man spent his first four NBA seasons with the Celtics before joining the Miami Heat (2017-21) and Houston Rockets (2020-21 season). He went on to play for the Pistons (2021-22 season) and Jazz (2022-24).

The Raptors host the New Orleans Pelicans on Tuesday at 7:30 p.m. ET.