Fred VanVleet Denies Report About Contract Extension

A report made the rounds on the weekend that Toronto Raptors point guard Fred VanVleet turned down a $114M extension offer from the team this past summer. But now the 2022 All-Star is setting the record straight. It never happened.

VanVleet says he was never made a formal offer from the front office over the summer. #raptors pic.twitter.com/XHi8ZU1Vsd

— Lindsay Dunn (@LindsayDunnTV) January 8, 2023

VanVleet says a formal offer was never made. 

"It was a mutual decision made by both sides that the smart thing to do would be to wait it out," VanVleet said. "There was no rush given that I could still sign the extension all the way through the end of the season."

Due to CBA rules, $114M was the maximum that the Raptors could offer, based on his previous contract and other eligibility rules. VanVleet believes that he’s worth more than that, and one report has him targeting a contract after the season similar to the one that Tyler Herro signed with the Miami Heat this past offseason—4 years, $130M.

The Raptors' floor leader reiterated that it's something he wants to wait until the end of the season to deal with. He still has a player option for $22.8M for next year, but if he opts out this summer, he becomes an unrestricted free agent.

"I don't want it to be a distraction and I'm not going to be speaking (any further) on any contracts or any situation regarding my contract this year," he concluded.

VanVleet, following an All-Star season last year, is having a down season from a shooting perspective, hitting on just 32.5% of his shots from downtown, and only 37.7% from the field overall. He is, however, averaging 18.8 points along with 6.2 assists and 4.1 rebounds.

Photo: John E. Sokolowski-USA TODAY Sports