What happened: Toronto completed Leonard's return on Tuesday, ending a delay that had stretched into mid-September. The Raptors are sending Brandon Ingram, Gradey Dick and two unprotected first-round picks, and Leonard waived a $7.45 million trade kicker to finish the move.

Why it matters: The deal gives Toronto its defining offseason swing and sets the franchise's 2026-27 direction around a familiar star. It also closes a summer saga after Leonard trade talks with Toronto first neared agreement in July.

What to watch: Attention now shifts to how Toronto fills out the roster around Leonard before training camp. Any follow-up moves will clarify how aggressive the Raptors plan to be around their new core.