What happened: Kawhi Leonard completed paperwork to waive his 15% trade bonus, a move worth $7.45 million that cleared a key financial step in his trade to Toronto. The adjustment leaves the Raptors pressed at the first apron after the deal, according to Bobby Marks.

Why it matters: That concession tightens Toronto's cap picture heading into the 2026-27 offseason, leaving less room for follow-up roster work once Leonard is on the books. It also closes a final contract detail in the Kawhi Leonard trade Toronto and the Clippers agreed to complete earlier Monday.

What to watch: The next key marker is Toronto's full cap accounting after Leonard is added to the books. Attention now shifts to whether the Raptors need follow-up moves before the 2026-27 season.