Fred VanVleet leaving Raptors to join Rockets on 3-year, $130M US max deal: reports

The Toronto Raptors are entering a new era, bidding farewell to stalwart point guard Fred VanVleet, re-signing centre Jakob Poeltl and welcoming German guard Dennis Schröder.

VanVleet is leaving the Raptors after seven seasons and signing a three-year, $130-million US contract with the Houston Rockets, according to multiple reports on Friday.

After going undrafted in 2016 out of Wichita State, VanVleet signed an NBA Summer League contract with the Raptors and steadily rose through the club's ranks to become an embodiment of Toronto's successful player development.

The Rockford, Ill., product went from G League champion to NBA champion and all-star.

In 2021-22, he filled the point-guard void left by franchise icon Kyle Lowry and earned all-star honours with a career-high 20.3 points per game.

Now the 29-year-old is reportedly signing the largest contract for an undrafted player in NBA history.

Last season, VanVleet averaged 19.3 points and a career-best 7.2 assists as Toronto finished with a 41-41 record and missed the post-season after a play-in loss to the Chicago Bulls.

WATCH | VanVleet breaks Raptors' single-game assist record with 20:

Raptors' VanVleet records franchise record 20 assists in win over Hornets

2 years ago

Duration 1:19

Fred VanVleet sets a franchise record and establishes a new career-high with 20 assists in Toronto's 128-108 win over Charlotte. VanVleet is the first Raptor to reach 20 points and 20 assists in a game.

VanVleet, who was heavily involved in trade rumours at last season's trade deadline, declined his $22.8-million player option two weeks ago to enter free agency.

He joins a Rockets team that hasn't topped 22 wins in the last three seasons, but that's brimming with young talents in guard Jalen Green, forward Jabari Smith Jr. and centre Alperen Sengun.

The Raptors moved quickly to replace VanVleet by reportedly signing Schröder to a two-year contract worth $26 million.

Schröder averaged 12.6 points and 4.5 assists for the Lakers, shooting 32.9 per cent from three-point range.

The 29-year-old arrives in Toronto after stints in Atlanta, Oklahoma City, Los Angeles, Boston and Houston.

Despite losing VanVleet, the Raptors managed to retain one of its free agents.

Poeltl reportedly signed a four-year, $80-million deal with a player option for the final season.

The Raptors acquired Poeltl from the San Antonio Spurs at last season's trade deadline, sending Khem Birch, a protected 2024 first-round pick and two future seconds the other way.

The trade was a homecoming of sorts for Poeltl, whom Toronto drafted ninth overall in 2016 but traded to San Antonio along with DeMar DeRozan to acquire Kawhi Leonard in 2018.

Many big names stay put

Most big names — Kyrie Irving, Draymond Green, Khris Middleton, Kyle Kuzma and more — stayed put on the opening night of free agency.

Irving and Luka Doncic are going to try again together in Dallas. Green is going to chase more championships with Stephen Curry in Golden State, just like Middleton is alongside Giannis Antetokounmpo in Milwaukee.

The biggest deals, in terms of total value, had to wait until after midnight EDT — when the calendar flipped to July 1 for the start of a new league year.

Haliburton, Bane agree to max extensions

ESPN first reported that Indiana's Tyrese Haliburton and Memphis' Desmond Bane both agreed to max extensions that will begin in the 2024-25 season; exact figures won't be known until next season's salary cap is released, but based on projections, they'll be worth at least $207 million for five years.

Haliburton's deal, ESPN said, could be worth $260 million if it goes to a supermax based on his making an All-NBA team. Haliburton was an all-star this past season for the Pacers, and Bane had a breakout year — averaging 21.5 points for the Grizzlies.

Irving agreed to a three-year, $126 million deal to remain with the Mavericks, who acquired him in a splashy move in February but sputtered down the stretch and missed the playoffs. A person with knowledge of the negotiations confirmed the agreement to The Associated Press, the deal taking quite possibly the biggest name in free agency off the board.

The Mavs had made clear that keeping Irving was their top priority — and got it done in the first hour of the NBA's free agency window that opened at 6 p.m. EDT.

Grant is getting $160 million over the next five years, part of a plan that Portland hopes keeps Damian Lillard happy enough to not ask for a trade. Grant is staying put, as is Kuzma in Washington and Cam Johnson in Brooklyn.

Kuzma essentially doubled his annual salary, agreeing to a $102 million, four-year deal with the Wizards. Green got a new contract that'll pay him $100 million over four seasons with the Warriors. Both of those deals — first reported by ESPN and subsequently confirmed to AP by people with knowledge of the negotiations — got done very quickly once the off-season player movement window opened.

Kuzma had opted out of a contract that would have paid him $13 million in Washington this coming season; he'll now average $25.5 million over the next four years after scoring 21.2 points per game this past season.

Middleton also traded bigger salary in the short term for more years. He could have made $40 million this coming season; instead, he agreed to $102 million over three years to stay with Antetokounmpo and a Bucks team that's only two years removed from an NBA championship.

Johnson — who flourished and averaged 16.6 points in 25 games with Brooklyn after getting traded there this past season — is getting a four-year, $108 million deal from the Nets, agent Steve Heumann of CAA confirmed to AP.

New Orleans also saw one of its key players stay put; defensive standout Herb Jones agreed to a four-year, $54 million contract.

The reigning NBA champion Denver Nuggets lost a free agent they wanted to keep, with Bruce Brown agreeing to sign with Indiana, a person with knowledge told AP, on a two-year deal that could be worth $45 million. There is an option affecting the second year.

Lakers sign Vincent

The team that Denver beat for that title, the Miami Heat, also lost a key player from their club. Gabe Vincent agreed to a three-year, $33 million deal to join LeBron James and the Los Angeles Lakers — who went to the Western Conference finals before falling to the Nuggets. The Lakers also kept Rui Hachimura on a three-year deal worth about $50 million.

The Heat are retaining Kevin Love — who quickly became a locker room leader after arriving in Miami — and brought back former Miami guard Josh Richardson. Love is getting $3.7 million this season; both he and Richardson have an option for 2024-25 as well.

Joe Ingles agreed to a two-year, $22 million deal to join the Magic. And Tre Jones will sign a two-year, $20 million deal with the San Antonio Spurs to play alongside No. 1 pick Victor Wembanyama, agent Kevin Bradbury said.

2011 NBA MVP Derrick Rose agreed to a deal with Memphis — the city where he played his one season of college basketball — in a deal first reported by SNY.