Raptors re-sign Kyle Lowry to four-year, $48 million contract

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The Raptors made re-signing Kyle Lowry – an All-Star-caliber point guard who led them to the East’s No. 3 seed – their top priority.

It worked.

Adrian Wojnarowski of Yahoo Sports:

Free agent guard Kyle Lowry has reached agreement on a four-year, $48 million contract extension with the Toronto Raptors, league sources told Yahoo Sports.

The deal has an early termination option allowing Lowry the opportunity to become a free agent after the third season.

That’s fantastic value for the Raptors. Signing him to just $12 million per year, they’ll have flexibility in coming seasons to continue upgrading the team.

Most importantly, they’ll have Lowry. Their best player, he should keep the Raptors a challenger in the East.

As for Lowry, he gets more long-term security than he’s ever had in his sometimes turbulent career. Perhaps, he could have drawn more money from another team, but there’s clearly a comfort level in Toronto.

Plus, if he wants to seek a larger deal – especially possible if the salary cap jumps with the new television contract – he can in just three years. Technically, the contract can’t contain an early termination option for the fourth season. (Those are allowed only for the fifth season.) However, a player option is permissible and offers the same de facto functionality.

Meanwhile, the Heat must identify another dream candidate.