What happened: Toronto's implied probability rose 10 points in one day to 97% after the NBA penalized the La Clippers for salary-cap circumvention.
Why it matters: The ruling removed the investigation-related obstacle to Leonard's proposed move. The Raptors and Clippers still intend to complete the contract trade, though a formal announcement timeline remains unclear.
By the numbers: Toronto was priced at 97%, the La Clippers at 2%, and the Atlanta Hawks below 1% in the market cited. Total liquidity exceeded $1.4 million.
What to watch: Watch for the teams to formally complete the Leonard transaction ahead of the 2026-27 season.