Raptors, Kelly Olynyk agree on two-year, $26.25M extension

Toronto Raptors center Kelly Olynyk has signed a two-year, $26.25 million contract extension, agent Jeff Schwartz of Excel Sports told ESPN on Monday.

Olynyk was eligible to sign the extension — which takes him through the 2025-2026 season — until June 30 and gives him the maximum five percent annual raises allowed under the deal.

Olynyk, 32, is a Canadian native who landed with the Raptors in a trade deadline deal with the Utah Jazz in February. The Raptors targeted Olynyk to support Jakob Poeltl in the Raptors’ frontcourt and did the deal with an intention of signing him to this extension.

Olynyk has averaged nine points with a career-best 4.2 assists this season — including a career-high 54 percent from the field. Olynyk is one of six players shooting 39 percent on three-pointers and 60 percent on two-pointers this season, according to ESPN Stats and Information research.

Olynyk spent his first three-plus seasons with the Boston Celtics before joining the Miami Heat, Houston Rockets, Detroit Pistons and Jazz.