Raptors' Fred VanVleet Declines Player Option -

Toronto Raptors starting point guard Fred VanVleet has officially declined his player option for 2023-24, making him an unrestricted free agent.

This was the expected route since the now 29-year-old signed his deal back in 2020, but the highly-publicized report from ESPN’s Adrian Wojnarowski became official on Monday.

General manager Bobby Webster confirmed the news at the Darko Rajakovic introductory press conference on Tuesday.

“Obviously, we’re on good terms with Fred, spoke to him yesterday,” Webster told media from Scotiabank Arena. “I think that was just kind of expected, it wasn’t really unexpected.”

Set to make $22.8 million this year in what would have been the final season of a four-year, $85 million deal, VanVleet will likely attract suitors to the tune of $30 million per year. He had until Wednesday to make a decision on his player option year, but that choice had likely been made long ago.

With fellow point guards James Harden and Kyrie Irving both set to attract a number of suitors on the open market this offseason, it is expected that teams may find themselves in a bidding war for the Illinois product’s services. In what is a rather light free agent class, VanVleet will be the third-best option for teams looking for a change in ball-handlers.

Having joined the Raptors in 2016 after going unselected at the draft, VanVleet worked his way to the largest contract ever handed out to an undrafted player. With the fourth-year option as a significant piece of the deal, VanVleet has earned the right to look for bigger money elsewhere.

However, Toronto does maintain control over the former NBA All-Star’s Bird rights, which means with VanVleet as a qualifying veteran free agent, the Raptors could legally exceed the salary cap in order to keep him on a larger contract than other clubs could afford.

VanVleet is still extension eligible but because the new CBA does not start until 7/1, Toronto can only offer him a 4 year/$114M extension (year 1= $25.5M)

Under the new rules, that number would have increased to $133M (year 1= $29.8M) https://t.co/FQgxawl2fH

— Bobby Marks (@BobbyMarks42) June 12, 2023

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According to Wojnarowski, VanVleet has “not ruled out negotiating a new deal and a Raptors return.”

The 6-foot, 200-pound guard averaged a career-high 7.2 assists in 2022-23, while also averaging 19.3 points in 69 regular season games last year. In 417 career games all with the Raptors VanVleet averages 14.6 points, 5.3 assists and 5.3 rebounds per game. He owns a 40.2 percent shooting rate from the field and a 37.3 success rate from the three-point line.

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He helped Toronto to its first NBA championship back in 2019 and was an NBA All-Star in 2021-22 when he averaged over 20 points per game.

In owning his Bird Rights, Toronto also could look to craft up a sign-and-trade deal, much like that of the trade involving Kyle Lowry and the Miami Heat back in 2021.

Gary Trent Jr. is also eligible for this sort of treatment, and Webster was asked about his contact with the 24-year-old.

“Similar to Fred, we’re having those conversations with Trent,” Webster said. “You can opt in, you can do a lot of things. He has a lot of things at his disposal, as do we.

“We’re able to have a lot of those conversations, whether it’s long term, short term, so similar to Fred, which is we’re in communication with him.”

Should he keep he current contract, Trent Jr. will make $18.5 in 2023-24, but if opting to following VanVleet’s footsteps, he could either depart via free agency or Toronto could create a sign-and-trade with an interested club.