6:01 pm: The Clippers and Raptors have an agreement in place, according to Charania, who reports (via Twitter) that L.A. is receiving the following draft assets in the deal:
- The Raptors’ 2031 first-round pick (unprotected).
- The Raptors’ 2033 first-round pick (unprotected).
- The Raptors’ 2030 second-round pick.
- The Raptors’ 2033 second-round pick.
- The right to swap first-round picks in 2027.
The Thunder have swap rights with L.A. in 2027, so those ’27 swap rights the Clippers are acquiring in this deal could come in handy even if they finish well below the Raptors in the standings, since they could swap OKC’s pick for Toronto’s.
2:44 pm: Kawhi Leonard is set to head back to Toronto, according to Shams Charania of ESPN and NBA insider Chris Haynes (Twitter links), who report that the Clippers and Raptors are finalizing a trade agreement involving the star forward.
Sources tell Charania that Raptors will send forward Brandon Ingram, guard Gradey Dick, two first-round picks, one pick swap, and two second-round selections to L.A. in the deal.
Leonard, who began his NBA career in San Antonio in 2011, was traded to the Raptors ahead of the 2018/19 season and enjoyed one of the best one-and-done seasons a player has ever had for any team. He led Toronto to the first and only championship in franchise history, earning his second NBA Finals MVP award after also claiming the honor for the Spurs in 2014.
However, when his contract expired just days after securing that title, the Los Angeles native opted to return home, choosing the Clippers over the Raptors and Lakers in free agency. Leonard has spent the past seven seasons in L.A., making four All-Star teams during that time, but only won three total playoff series as a Clipper.
Leonard signed contract extensions with the Clippers in 2021 and 2024 and is once again eligible for a new deal this summer after submitting one of the best seasons of his career in 2025/26. He averaged 27.9 points, 6.4 rebounds, 3.6 assists, and 1.9 steals in 32.1 minutes per game across 65 outings, with a shooting line of .505/.387/.892. The performance earned him a place on the All-NBA second team.
But given Leonard’s injury history, his age (he turned 35 on Monday), and a desire to maintain cap flexibility, the Clippers were reportedly unwilling to offer him another lucrative extension this offseason, which opened up a path to a trade. L.A. also listened to inquiries on Leonard at February’s deadline after moving veterans James Harden and Ivica Zubac in mid-season trades, but owner Steve Ballmer was said to be opposed to moving the star forward at the time.
Faced with the prospect of losing Leonard for nothing in 2027, the Clippers were more open to a deal this time around and quickly zeroed in on the Raptors, who appeared to be the only suitor with whom Kawhi was willing to sign an extension. Toronto was in position to offer L.A. an impact player in Ingram, who made his second All-Star team in 2026, along with a collection of draft assets.
According to Charania, while Leonard’s first choice would have been to remain with the Clippers if they were willing to make a longer-term commitment to him, he warmed to the idea of returning to Toronto because he’s familiar with the organization, likes the city of Toronto, and believes the Raptors are capable of contending in the Eastern Conference.
The Raptors are now poised to negotiate a two-year extension to lock up Leonard through 2028/29, per Haynes (Twitter link). That deal could be worth up to $124MM, according to ESPN’s Bobby Marks (Twitter link).
With their trades of Harden, Zubac, and now Leonard in the past five months, the Clippers have pivoted toward a younger, future-facing roster led by Darius Garland and this year’s fifth overall pick, Keaton Wagler while replenishing their draft assets. The front office may have more moves up its sleeve this offseason, with cap expert Yossi Gozlan noting (via Twitter) that the Clippers still have plenty of spending flexibility whether they decide to operate over or under the cap.
Ingram will earn $40MM in 2026/27, with a player option worth $41.9MM for the ’27/28 season. Dick is entering the final year of his rookie scale contract and will be extension-eligible this offseason before earning $7.13MM in ’26/27.
The Raptors, meanwhile, will reunite with Leonard on the heels of a strong bounce-back season that saw them win 46 games and make the playoffs for the first time since 2022. While Ingram had a strong year during his first and only season in Toronto, his mid-range-heavy game wasn’t always a clean fit next to star forward Scottie Barnes, who isn’t much of a three-point threat. Leonard’s ability to space the floor should better complement players like Barnes, RJ Barrett, and center Jakob Poeltl.
All-Rookie forward Collin Murray-Boyles, guard Immanuel Quickley, and youngsters Ja’Kobe Walter and Jamal Shead also figure to play key roles for Toronto, with 2026 first-round pick Allen Graves, forward Jamison Battle, and big man Trayce Jackson-Davis in the mix as well.
Adding Leonard’s $50.3MM cap hit to the books for 2026/27 in exchange for Ingram and Dick will make the Raptors’ cap situation a little tighter and significantly reduces the odds of the team being able to re-sign free agent big man Sandro Mamukelashvili.
Leonard’s $7.5MM trade bonus is another wild card to consider, Gozlan notes. While the Clippers would have to pay the bonus, it would hit the Raptors’ cap, and accommodating that extra charge doesn’t appear possible unless the Raptors shed some salary elsewhere. If Kawhi waives or significantly reduces his trade bonus and Toronto doesn’t expand the deal to send out any additional salary, the team will be hard-capped at the first tax apron but will have enough room to fill out the rest of its roster without reaching that hard cap, says Gozlan.
Finally, it’s worth noting that the Clippers and Raptors are prepared to make this deal before there’s resolution on the NBA’s investigation into whether the Clippers circumvented the salary cap to funnel Leonard additional salary through a no-show endorsement deal with the now-bankrupt green banking company Aspiration. While that certainly suggests Kawhi’s contract is in no danger of being voided as a result of that probe, it remains possible that the Clippers will face some sort of penalty, depending on the league’s findings.
