What happened: The deal remains on hold while the NBA completes its salary-cap circumvention investigation. Toronto would assume the risk of any penalty affecting Leonard if it finalizes the transaction before the investigation ends.
Why it matters: The ruling will determine whether Toronto's agreement for Leonard can proceed without unresolved disciplinary exposure. The delay leaves a major piece of the Raptors' 2026-27 roster plan unsettled.
By the numbers: The NBA opened its investigation in September 2025, and the transaction has been paused since July 9.
What to watch: Watch for the NBA's findings and Toronto's decision on finalizing the trade.