What happened: Victor Wembanyama’s extension includes a fifth-year player option and begins in 2027-28. Kawhi Leonard’s June 30 agreement remains pending while the NBA investigates possible salary-cap circumvention.

Why it matters: The 25% structure preserves more future roster flexibility than the 30% scale available to Wembanyama. ESPN reported that the investigation could extend into 2027 if the parties contest the findings or proposed penalties.

What to watch: Watch for the NBA’s findings or a settlement that allows Leonard’s agreement to close. A dispute over penalties could trigger arbitration and push the process beyond the 2026-27 season.