Hoops Rumors examines the 2026 offseason for all 30 NBA teams, recapping the summer’s free agent signings, trades, draft picks, departures and more. We’ll take a look at each team’s moves in the offseason and take a look at what else could happen before the regular season begins. Today we focus on Toronto Raptors.
Signing free agents
- Alia Martin: Two years, minimum wage. Second year with partial warranty ($500K). Rewritten using the minimum wage exemption.
- Kyle Anderson: Year, minimum wage. Full warranty. Signed using the minimum wage exemption.
- Nate Beatle: Year, minimum wage. Not guaranteed (app. 9/10). Signed using the minimum wage exemption.
- Andre Jackson Jr: Year, minimum wage. Not guaranteed (app. 9/10). Signed using the minimum wage exemption.
- Malachi Smith: Year, minimum wage. Not guaranteed (app. 9/10). Signed using the minimum wage exemption.
- Note: Smith after the Annex 10 contract was converted into a bilateral transaction.
Trades
- Purchased Kawhi Leonard from the Clippers in exchange for Brandon Ingram, Grady DickRaptors 2031 first round pick, Raptors 2033 first round pick, Raptors 2030 second round pick, Raptors 2033 second round pick and 2027 first round pick.
Drafts
- 1-19: Allen Graves
- Signed rookie contract (four years, $19,695,106). The first two years with a guarantee. Third and fourth year team options.
- 2-50: Jaden Bradley
- Signed to a two-way contract, then converted to a four-year, $9,264,648 contract using the non-taxpayer mid-level pick exception. The first year is guaranteed. Second and third years are not guaranteed. Fourth-year team option.
Two-sided signatures
Abandoned/Unsigned Free Agents
Other moves are listed
- Agree with Kawhi Leonard to a two-year, $115,000,000 veteran contract extension that begins in 2027/28. Second year player option.
- Executed command option on Trace Jackson-Davis ($2,406,205).
- Executed command option on Jamal Shed ($2,296,271).
Salary cap situation
Note: Numbers are rounded to one decimal place.
- Operating above the cap ($165 million) and below the first tax bracket ($209 million).
- A hard hat on the first apron.
- Team salary: $201.5 million (tax); $208.1 million (apron).
- Above the $1 million luxury tax line; below the hard limit of $964,000.
- A partial exemption is available for middle-income nontaxpayers ($13.7 million) and a full biennial exemption ($5.5 million).
- One tradeable player exception available ($6.4 million).
Offseason yet
It’s been an unusual offseason for the Raptors, who spent most of the summer in near limbo after reaching a stunning trade deal on June 30 to bring back their star power forward Kawhi Leonard from the Clippers. The two teams agreed to terms on the deal almost exactly seven years after Leonard led Toronto to its first and only NBA championship before leaving for Los Angeles as a free agent.
When the NBA’s moratorium period ended on July 6, most of the previous trade agreements reached in June or early July were officially completed. But a few days later it came and went without renewing Leonardo’s deal, the word was heard on July 9 that the blockbuster deal has been put on hold until the league completes its investigation into whether the Clippers skirted the salary cap to pay Leonard.
The way the news was initially reported caused some confusion, with fans wondering why the Raptors might be penalized for potential transgressions by the Clippers, but it quickly became clear what Toronto was worried about – if Leonard was traded to the Raptors and then voided his contract or his long-term suspension for his role in salary cap circumvention, Toronto would be giving up several of its very own valuable trade assets for a player who may not even be under contract.
However, in the end, the punishment facing Leonard as a result of the NBA investigation was relatively minimal. He had to pay a fine of $700,000, but his contract was not voided and he was not suspended. The fine was agreed upon and negotiated by the players’ union, but I suspect the league itself wasn’t looking to come down so hard on the two-time Finals MVP, given that many of the harsher sanctions would have hurt the Raptors as much – or more – than the player himself.
The Raptors and Clippers eventually completed the trade on Sept. 14, two and a half months after first agreeing to terms, and those original terms remained unchanged. Toronto parted ways with Brandon Ingram, Grady Dicktwo future first-round picks, two future second-rounders and a trade for a first-round pick.
Frankly, that was a more significant price than the Raptors paid for Leonard in 2018 when they waived DeMar DeRozan, Jacob Poeltland a future first-round pick for Kawhi and a three-and-D wing Danny Green. And it’s fair to wonder if that was an overpayment for the 35-year-old, who has a long injury history and is out of contract.
But there are several reasons to like the Raptors deal. First, when they traded for Leonard in 2018, he made it clear that he wasn’t interested in being in Toronto and that he planned to leave as soon as he had the chance — and he did just that despite winning a title with the team. This time around, he has identified Toronto as his preferred landing spot and is said to be ready to finalize a contract extension with the team. He agreed on Tuesday to a two-year, $115 million deal.
In addition, despite the fact that he is now eight years older, Leonard’s health is actually so less question mark this time. The reason the star forward’s asking price was so modest in 2018 was because he was limited to nine games a year earlier in San Antonio with a mysterious leg injury, and it was unclear how he would last the entire season in 2018-19. But he played at least 65 games in two of the last three years and finished the ’25/26 season healthy.
Perhaps most importantly, Leonard is a great fit stylistically for a Raptors team that struggled to score in the half court and was one of the NBA’s worst three-point shooting clubs. Ingram had an All-Star season in Toronto, but his penchant for working in the arc created spacing issues next to players like Poeltl, RJ Barrettand Colin Murray-Boylesneither of whom are serious threats from behind the three-point line.
The Raptors were actually better in both the regular season and the playoffs when Ingram was off the floor than when he was on it. In Leonard, Toronto has found a replacement who is one of the league’s most efficient shooters, who can create better scoring opportunities in half-court situations with the game on the line, and who will only strengthen a defense that ranked fifth in the NBA in 2025-26.
Although Leonard gave up a $7.5 million bonus to accommodate the trade, the deal left the Raptors with little cap flexibility, severely limiting them at the first tax break. Different stimuli included in Barrett, Poeltl and Immanuel QuickleyThe contracts have been problematic for Toronto, pushing the team’s payroll toward the top apron despite the club barely operating in luxury tax territory.
As a result, most of the rest of the offseason moves were minor. Alia Martin and Jayden Bradleysecond-round picks from the last two drafts, signed to minimum-salary deals, while a savvy veteran Kyle Anderson was brought in on a veteran minimum contract in free agency to play a rotation role.
Aside from acquiring Leonard, the Raptors’ most notable offseason addition came in the draft, where the team used the 19th overall pick to take the former Santa Clara forward Allen Graves.
Graves is far from the best athlete in the 2026 draft, but he is a high-IQ player who can compete for rotation minutes as a rookie and should help improve the team’s low-post shooting. He showcased his wide-ranging skills in the Las Vegas Summer League, where he added to the scoring, averaging 16.8 points, 6.8 rebounds, 3.0 assists, 2.2 steals and 1.0 blocks per game on .510/.500/1000 shooting in four contests.
Next
The Raptors entered the week with some offseason business still to take care of, but they got most of it done in the last 30 hours or so. Effective Monday, they moved Bradley from his two-way contract to the regular roster, becoming the team’s 14th player converted Malachi Smith‘s Exhibit 10 contract in a two-way deal to fill the newly opened slot and agreed to a two-year extension with Leonard.
I’d be surprised if the Raptors make any more changes to their regular lineup before opening night. Toronto is too close to its first apron to carry a 15th man for the remainder of the season, so the team will operate with 14 men for now.
The two-way slots are still subject to change, and the invitee camp Nate Beatle this is one candidate to keep an eye on. The former Oregon center had a strong Summer League and could supplant Smith, Trey Jamisonor Chuckie Hepburn with a strong preseason.
With Leonard locked up, the Raptors’ top extension candidates are Barrett and the third-year guard Jamal Shedbut they’ll both be eligible for extensions until June 30, 2027, so don’t rush to do anything before opening night.
Of the two, I think Shedd is the better choice to get a new deal sooner rather than later, simply because his extension should be more affordable and easier for the club to fit into the current cap projections. If Barrett continues to get paid in the $25-$30 million per year range, that could make things difficult for the Raptors from a cap standpoint, unless Poeltl or Quickley are moved at some point.
