You don’t typically see one-year extensions. Teams like to keep flexibility heading into the offseason. Players like to test the market. However, just because it’s not something you see often, doesn’t mean the Toronto Raptors or Kyle Lowry made a mistake.
According to reports by Adrian Wojnarowski, the Raptors and Lowry have agreed to a one-year $31 million extension. The deal now locks the veteran point guard up for two total seasons, at a combined price tag of $64 million.
In terms of average annual value, it’s a bit of an overpay. However, this was far from a “lifetime achievement” contract.