Lowry (thumb) and the Raptors have agreed to a one-year, $31 million extension, Adrian Wojnarowski of ESPN reports.

EDGE Analysis

The veteran had one year at just over $33 million remaining on his current deal, so he'll now be under contract with Toronto for two years and roughly $64 million overall. While the Raptors could still trade Lowry at some point if they choose to enter a mini-rebuild, the contract offers Lowry increased stability, as he previously would have been set to enter the open market as a free agent in the summer of 2020. Wojnarowski notes that Lowry is the first player older than 33 years old in league history to net an extension that pays him north of $30 million.