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Toronto Raptors center Kelly Olynyk has signed a two-year, $26.25 million contract extension, agent Jeff Schwartz of Excel Sports told ESPN on Monday.
Olynyk was eligible to sign the extension -- which takes him through the 2025-2026 season -- until June 30 and gives him the maximum five percent annual raises allowed under the deal.
Olynyk, 32, is a Canadian native who landed with the Raptors in a trade deadline deal with the Utah Jazz in February. The Raptors targeted Olynyk to support Jakob Poeltl in the Raptors' frontcourt and did the deal with an intention of signing him to this extension.