What happened: Kawhi Leonard's return to Toronto became official after he waived a $7.45 million trade kicker, sending Brandon Ingram, Gradey Dick, two unprotected first-round picks, a 2027 swap and two second-rounders to the Clippers' side of the ledger. The deal landed after the franchise accepted league punishment tied to the Leonard case, including the loss of five first-round picks from 2029 through 2033. Lawrence Frank, one of the executives disciplined by the NBA, now sits at the center of the Clippers' next decision cycle.

Why it matters: The new draft haul matters because it gives the Clippers tradable assets again after the NBA stripped the club of five first-round picks. Ingram and Dick also give the roster a different shape than the Leonard-era build, with more flexibility for the 2027 and 2028 offseasons. Whether that flexibility matters will depend on who directs the next phase of basketball operations.

What to watch: Watch whether the Clippers make a front-office change before training camp and whether the incoming picks are treated as keepers or rerouted in another trade. The next roster signal will be how quickly Ingram and Dick are folded into the club's 2026-27 plans.