The Toronto Raptors and Kelly Olynyk are reportedly in agreement on a two-year, $26.25 million contract extension, per Adrian Wojnarowski of ESPN. This contract was the max that Olynyk could extend on, per Wojnarowski as well.

The 32-year-old was acquired by Toronto after playing his first 50 games of the 2023-24 campaign with the Utah Jazz. He has primarily came off the bench this season, but has found success in that role.

Overall, Olynyk is averaging 8.3 points per game on 54.2 percent field goal and 39.8 percent three-point shooting. Olynyk doesn't take many shots from beyond the arc, but he's making each attempt count. Additionally, Olynyk is averaging 4.9 rebounds and 4.2 assists per outing between the Jazz and Raptors.

He has played in the NBA since 2013. For the most part, with a few exceptions, Olynyk has spent the majority of his career coming off the bench. It's a role where he's found success. He should also be able to help the Raptors' younger players in their progression moving forward.

Olynyk will be an important player in Toronto over the next couple of years.

Raptors' outlook amid forgettable 2023-24 season

Toronto currently holds a 23-38 record this season. The Raptors have consistently underperformed. As a result, key players such as Pascal Siakam and OG Anunoby were moved prior to the NBA trade deadline.

Toronto is rebuilding. They are set to rely on younger players and impactful veterans who can utilize their experience and help amid the rebuild.

The Raptors would obviously love to bounce back in 2024-25, but it may take a few years for the team to emerge as a contender once again. Their performance in the draft, free agency, and trades will play a pivotal role in determining how long the rebuild lasts. Simply being able to develop players will also be of the utmost importance.

It will be intriguing to see how Kelly Olynyk fits into their plans moving forward.