The Toronto Raptors are shaking up their roster as they prepare for the upcoming season. On Monday, the team waived forward Sasha Vezenkov and guard Javon Freeman-Liberty.

The struggling former EuroLeague MVP has reached a preliminary agreement to return to Olympiacos Piraeus on a multiyear deal. Vezenkov is reportedly set to return all of his $6.7 million for next season and head back to Europe, according to Sportsnet's Blake Murphy.

He was also in line to earn an additional $50,000 if the team kept him on the roster past July 22. Additionally, he could have made another $800,000 if he remained with the team on opening day.

Raptors left with an open roster spot

With this move the Raptors are left with 14 players on guaranteed contracts, creating an open roster spot.

Vezenkov and Olympiacos had agreed to terms back in early July. The only uncertainty about the Bulgarian player's return to the Reds stemmed from his current contract with the Raptors, who had acquired him from the Sacramento Kings through trade.

Following the Kings' selection of combo guard Devin Carter with the 13th overall pick in the 2024 NBA Draft, they opted to adjust their roster and reduce long-term expenses through a trade with Toronto.

Consequently, the Kings sent Davion Mitchell, Sasha Vezenkov, and the draft rights to Jamal Shead (Pick No. 45) to the Raptors in exchange for forward Jalen McDaniels.

Sasha Vezenkov in the Euroleague

In the 2022-23 EuroLeague season, Vezenkov earned the EuroLeague MVP title, averaging 17.6 points, 6.8 rebounds, and 1.9 assists.

Vezenkov then later signed a three-year deal with the Kings to join the NBA for the first time. However, he didn't receive the playing time or role he desired and was traded to the Raptors in late June.

Vezenkov struggled to make an impact in the NBA last season with the Sacramento Kings, playing just 42 games and averaging 5.4 points and 2.3 rebounds in 12.2 minutes per game, shooting 37.5% from beyond the arc.

Earlier this month, team president Masai Ujiri revealed that the Raptors were addressing a situation involving Vezenkov. The former Euroleague MVP reportedly wanted to return to Europe and sign a multi-year deal with his former team, Olympiacos, in Greece.

Sasha Vezenkov leaving the Toronto Raptors

Sacramento Kings forward Sasha Vezenkov (7) looks to shoot the ball against the Portland Trail Blazers in the fourth quarter at the Golden 1 Center. Mandatory Credit: Cary Edmondson-USA TODAY Sports
Cary Edmondson-USA TODAY Sports

Vezenkov has reportedly secured a five-year deal with Olympiacos, valued at €17 million.

Raptors now have approximately $11 million available under the luxury tax threshold for the season. They might use this amount in free agency through the non-taxpayer mid-level exception, though securing a deal of that size at this point in the summer appears unlikely.

Toronto could have kept Vezenkov's contract as an expiring deal with a team option for $7 million next season. However, Vezenkov's agreement to forfeit his entire guaranteed contract made the team agree.

The Raptors will likely use the newly available roster spot to add a player on a minimum contract and preserve flexibility for later in the year.

Although Vezenkov's NBA career didn't meet expectations, he might have thrived with better opportunities.

In the end, Vezenkov appeared ready to return to Greece and resume his career abroad. By waiving him, the Raptors have given Vezenkov the chance to shine where he previously succeeded, allowing the former EuroLeague MVP to shine in a familiar environment.