The agreement, initially reported by Shams Charania of The Athletic, includes a player option in the fourth year. The contract starts at $21.25 million next season, decreases by eight per cent in 2021-22, then ramps up again, per Grange. This structure helps the Raptors preserve some cap space heading into the loaded 2021 off-season.
Grange previously reported that VanVleet would meet with the Raptors and one or two other suitors on Saturday in Chicago, near his hometown of Rockford, Ill.
Recently, Raptors general manager Bobby Webster described re-signing VanVleet as the team’s “top priority” of the off-season.
VanVleet, who initially signed with the Raptors in July of 2016 after going undrafted that year, spent much of his first pro season — and a bit of his second — with the G League’s Raptors 905.
During the 2019-20 season, he posted career-best averages in points (17.6), assists (6.6) and rebounds (3.8) as an every-game starter for the first time.