What happened: Leonard's move to Toronto is complete after a 76-day delay around the trade call. The forward waived $7.45 million in trade-kicker money to get the deal finished before the Raptors turn fully to the 2026-27 offseason.

Why it matters: Toronto now has its biggest roster decision settled after a 76-day wait around Leonard's move and can build the next phase around him instead of waiting on paperwork. The completed deal also leaves the Raptors at the first apron, tightening the cap mechanics around any follow-up moves.

What to watch: The next watch is whether Toronto makes additional cap-tightened moves around Leonard before camp. The focus now shifts from finishing the transaction to shaping a workable 2026-27 roster.