Report: Fred VanVleet Declines $22.8M Raptors Contract Option, Will Become UFA

Fred VanVleet will become a free agent in July after he declined his $22.8 million contract option with the Toronto Raptors.

ESPN's Adrian Wojnarowski reported VanVleet's decision to test the market for the first time in his career.

Per that report, "VanVleet hasn't ruled out negotiating a new deal and a Raptors return, sources said, but he becomes one of the most prominent guards in the marketplace and an immediate target of teams with cap space and several contenders who'd welcome discussions on sign-and-trade scenarios with Toronto, sources said."

The move doesn't come as a surprise, as there were rumblings throughout the 2022-23 season that VanVleet was going to explore his options as arguably the top available point guard.

He was reportedly offered a four-year, $114 million extension from the Raptors prior to last season, but the sides elected to wait on a final decision.

Per Josh Lewenberg of TSN.ca, VanVleet was eyeing a deal in the range of the four years and $140 million that Tyler Herro got from the Miami Heat in October.

Following the report about that offer, VanVleet told reporters in January the Raptors never made him a formal contract proposal.

Speaking to ESPN's Tim Bontemps, VanVleet flat out said he outperformed the four-year, $85 million deal he originally signed in November 2020.

"I felt like I've outplayed that contract thus far," the 29-year-old said. "So just trying to get myself in a position to put the cards in their hands. They got to make a decision from an organization standpoint."

VanVleet also said he was "not going to make it easy on them (the Raptors), and they're not going to make it easy on me, either, and that's the way it's going."

Those comments at least suggested VanVleet was going to test free agency. In 2022-23, the Wichita State alum had his lowest scoring average (19.3 PPG) since 2019-20 and shot a career-low 34.2 percent from three-point range.

VanVleet's struggles were emblematic of the larger problems that plagued Toronto throughout the season.

The Raptors did end up making the play-in tournament, but they took a step back after winning 48 games in 2021-22. They ranked 11th in offensive rating and 24th in points per game last season.

Even with his issues shooting the ball, VanVleet still averaged a career-high 7.2 assists per game and had 1.8 steals per contest. His ability as a facilitator and playmaker on offense, as well as aggressive defense, will make him attractive to teams seeking a starting point guard.