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Report: Raptors sign Kyle Lowry to one-year, $31 million extension

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Toronto rewards its All-Star and Champion with an extra year — and preserves cap space in 2021

Report: Toronto Raptors sign Kyle Lowry to one-year, $31 million contract extension Steve Russell/Toronto Star via Getty Images

According to ESPN’s Adrian Wojnarowski, Kyle Lowry is receiving a one-year, $31 million contract extension from the Toronto Raptors.

Lowry now is now under contract for this upcoming season and the next one, and he’ll be an unrestricted free agent in the summer of 2021.

The move makes sense on several levels:

  • Lowry, as an aging veteran, has a little more job security
  • The Raptors retain flexibility with big expiring deals both this summer (Marc Gasol, Serge Ibaka) and next (Lowry)
  • Summer 2021 is when more teams will have cap space (to sign Lowry) and more big-name players will be free agents (Giannis Antetokounmpo, Kawhi Leonard, Paul George)
  • The Raptors reward the guy who is arguably the Greatest Raptor Ever (inarguable in my opinion) for what he’s done for the team

So: A win-win for everybody!

Lowry, who’s been with the Raptors since 2012 and has made five All Star teams with the Raptors — and won an NBA Championship, lest one forget — will make $33 million this year.

Unfortunately, he’s still nursing his sore thumb, suffered in the 2019 Playoffs, and it’s been announced that he’ll miss the team’s pre-season opener in Tokyo.