Grading Jakob Poeltl's $104 million Raptors contract extension
The Toronto Raptors were much more competitive than their 50-win 2024-25 season would indicate. They would keep games close even against the best teams in the league, giving way to what some would call 'ethical tanking'. In the end, they were rewarded with promising prospect Collin Murray-Boyles for their troubles — adding another quality young player to the Raptors' growing core.
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It appears as though the Raptors will be gunning for a playoff spot in the wide-open Eastern Conference in 2025, and their moves over the past year or so certainly suggest this inclination. They traded for Brandon Ingram in a buy-low move with the New Orleans Pelicans, and in the early goings of free agency, they agreed with Jakob Poeltl on a new contract that's set to pay him $104 million from the 2026-27 campaign until 2029-30, with Toronto tacking on three additional years worth around $84 million to keep Poeltl for the long haul.
Considering the going rate for players of Poeltl's caliber, did the Raptors overpay? Did they even need to pony up the huge sum of money to keep Poeltl when he had a player option worth $19 million for the 2026-27 season anyway?
Did the Raptors jump the gun with Jakob Poeltl extension?
John Hefti-Imagn Images
Make no mistake about it, Poeltl was quite impressive when he was active for the Raptors this past season. He put up career-best stats of 14.5 points and 9.6 rebounds per contest, and he may have averaged a double-double if he was allowed by the Raptors to actually play his usual number of minutes instead of being held out of games to fight for better lottery odds.
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While Toronto was not a good team with or without Poeltl, the 29-year-old center definitely made the team better. The Raptors were over six points better whenever Poeltl was on the court, according to PBP Stats, and that net rating is nothing to scoff at. He is a defensive anchor, strong glass cleaner, and is fairly agile on the perimeter, which means he isn't completely lost when switched out to a perimeter player.
Poeltl has also made plenty of strides as a playmaker, doing his job as a handoff machine to give the Raptors' ballhandlers space to work with. There's a reason why many contending teams have sought Poeltl's services from the Raptors ever since they acquired him from the San Antonio Spurs in 2023.
The salary cap is rising fast, as it can increase up to a maximum of 10 percent from the previous year (this was what happened for this offseason). So by the time Poeltl's exorbitant extension kicks in, it will take up a less portion of the team's salary cap. Even then, the Raptors appear to have overpaid to keep him around; Poeltl will be 32 when he begins to make around $26 million a year, and in the final year of his contract (when he'll be 34), he'll be making around $30 million per year.
The Raptors could argue that this is the going rate for players of Poeltl's caliber these days. Isaiah Hartenstein, notably, is set to make $28.5 million for this upcoming season, with a player option worth the same dollar amount for the 2026-27 campaign. Nicolas Claxton is making around $25 million this season, although his salary is front-loaded, which means that he'll be making progressively less in the final two years of his deal.
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The $104 million the Raptors signed Poeltl for is a similar amount for what the Milwaukee Bucks ended up snagging Myles Turner away from the Indiana Pacers for ($107 million). Even Naz Reid signed for a similar amount of money per year ($25 million average annual value across five years).
But unlike those players, Poeltl didn't even reach free agency. The Raptors ended up outbidding themselves when a similar amount of money could have gotten a deal done in 2026, when Poeltl could have reached free agency by declining his player option.
Poeltl would've been perhaps the second-best or best center in the unrestricted free-agent market had he actually reached free agency in 2026. (Hartenstein could be a free agent as well, and it's a toss-up as to who's a better player between those two.)
Even then, it's not like NBA teams are going to pay significantly more than what it required the Raptors to pony up to keep Poeltl, especially when he doesn't provide any floor-spacing utility and would, most likely, be deployed situationally anyway in the hypothetical universe where the Raptors make it deep into the playoffs.
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This contract extension, while a fair amount to keep Poeltl around, wasn't quite necessary for the Raptors to offer yet. Perhaps they're looking to protect the asset, but there's a good chance they could be stuck with that contract for the next few years.
Grade: C+
Related: Raptors, Jakob Poeltl agree on $104 million contract extension
Related: Raptors make first NBA free agency move after Masai Ujiri firing
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