What happened: Toronto agreed with Leonard on a two-year, $115 million extension. He waived a $7.45 million trade kicker to finalize the move from the Clippers. The sides structured the discount to preserve room against rising salary books.
Why it matters: The savings give Toronto maneuverability to retain its young core around Scottie Barnes and RJ Barrett entering 2026-27. Locking in a two-time Finals MVP through the reunion signals a long-term build rather than a rental.
By the numbers: Extension: 2 years, $115M; Below max extension number: $11M; Trade kicker waived: $7.45M
What to watch: Watch how Toronto uses the created flexibility before camp and whether additional extensions follow.