The Houston Rockets have signed former Toronto Raptors guard Fred VanVleet to a three-year, $130-million deal according to ESPN’s Adrian Wojnarowski.
It is the first max contract signed this summer.
VanVleet, 29, has always been an advocate for betting on yourself. An undrafted guard out of Wichita State, he spent his entire career with the Raptors organization, rising up the ranks from the Raptors 905 to the sixth man and eventually the heir apparent to fan favourite Kyle Lowry.
He was selected to his first All-Star game in the 2021-2022 season when he averaged a career-high 20.3 points while shooting 37 per cent from deep and dishing out 6.7 assists in his first season replacing Lowry as the team’s lead guard.
Though his efficiency took a step back in the 2022-2023 season with his 39.3 field goal percentage ranking third-worst among qualified players, he continued to improve his playmaking, increasing his assists per game while decreasing his turnovers.
His workload over the past two years has been some of the highest in the league, finishing with 37.9 minutes per game in the 2021-2022 season (tied for highest) and 36.7 this past season (fifth highest).
The Raptors were eliminated in the play-in game against the Chicago Bulls, missing the playoffs for the second time in three seasons.
VanVleet finished the year averaging 19.3 points, 7.2 assists and 1.8 steals.
John Hollinger of The Athletic reports a sign-and-trade remains possible with VanVleet signing for three years instead of two.
Hollinger says the Raptors could end up with a $21.25-million trade exemption in that scenario.
After losing VanVleet, the Raptors quickly found a replacement as they reportedly signed veteran point guard Dennis Schroder to a two-year, $26-million deal.