Former Raptor Fred VanVleet Signs Massive Three-Year, $130 Million Contract with Houston

The Toronto Raptors will officially begin life without point guard Fred VanVleet. 

Although still unofficial according to the league, ESPN’s Adrian Wojnarowski has reported that the 29-year-old has agreed to a monstrous three-year, $130 million contract with the Houston Rockets. 

The deal is the first max contract signed this offseason. 

Having officially declined his player option for the 2023-24 season, VanVleet become an unrestricted free agent able to sign anywhere he so chose. And clearly, he found the team that offered the best financial package – that of the second-to-last place Rockets.

Should VanVleet have accepted his player option with the Raptors for 2023-24, he would have made $22.8 million in Toronto on what would have been the fourth season of a guaranteed three-year deal initially signed back in 2020. 

But now with Houston, the 6-foot, 200-pound Illinois product will make an average annual value of $43.3 million per year in a contract that is almost exactly double what he earned in Toronto. On the market as the third-best point guard, VanVleet’s deal sets the stage for possible big-money contracts handed out to James Harden and Kyrie Irving, who are both set to attract a number of suitors on the open market this offseason.

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. VanVleet’s play certainly earned his right to sign the $130 million max deal.

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.

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.

“Words can’t do justice to how thankful I am to the city that watched me grow from a young kid praying for a chance to a NBA champion, all-star, and a father of three,” VanVleet shared in an Instagram post on Sunday. 

“I am forever indebted to the franchise that gave me a shot when no one else would. We built things together that can never be broken, and accomplished things that will stand forever. I went from the fans not knowing who I was, to fan favourite, to most hated, and I’m thankful for every second of it. To the city, franchise, and country that watched me grow every step of the way – thank you.”

VanVleet now enters full rebuild mode in Houston, on a team that hasn’t earned more than 22 wins in each of its last three seasons. But in hiring former Boston Celtics head coach Ime Udoka and in signing VanVleet, Dillon Brooks and Jock Landale in the first day of the signing period, the Rockets are poised for a considerable improvement in 2023-24. 

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Once Wojnarowski Tweeted the details of the contract, VanVleet quote Tweeted a previous Tweet of his from 2016, which simply read, ‘Bet on yourself’, this time adding, ‘Again’. 

Betting on himself has been a common theme for the undrafted VanVleet. But now it is Toronto’s turn to bet on itself to roll with the same lineup – sans VanVleet – for the coming year.

In losing the star point guard, the Raptors quickly found a replacement, signing veteran Dennis Schroder to a two-year, $26 million contract. The club also agreed on a new four-year, $80 million deal with Jakob Poeltl and is reportedly looking into a long-term extension with Gary Trent Jr., after he announced he would be back with Toronto for 2023-24 in his player-option year.  

Schroder, 29, joins the Raptors following time in Houston, Boston, Los Angeles, Oklahoma City and Atlanta. He has career averages of 12.6 points and 4.5 assists per game. He owns a 33 percent three-point shooting success rate. 

The signing of 27-year-old Poeltl is also significant for Toronto, which sent a first-round pick, two second-round picks and Khem Birch to San Antonio at last season’s trade deadline for his services. Poeltl’s deal reportedly has a player option for the final season in 2026-27. In his 26 games with the Raptors, he averaged 13.1 points, 9.1 rebounds and 1.3 blocks.

Question marks do remain as to the future of the Raptors outside of 2021 Rookie of the Year Scottie Barnes, 2023 first-round draft pick Gradey Dick and the aforementioned Poeltl. With Pascal Siakam and OG Anunoby both entering contract years this fall, extensions are also possibilities for the now long-time Raptors. 

With former head coach Nick Nurse no longer in the picture, the two will need to find their ground with new bench boss Darko Rajakovic, in hopes of drawing favour to help their numbers as contract negotiations begin.