Norman Powell, Raptors Reportedly Agree to New 4-Year, $42 Million Contract

The Toronto Raptors and guard Norman Powell agreed to a four-year, $42 million contract extension Thursday, which will keep him with the team through 2021-22.

Adrian Wojnarowski of ESPN reported the news.

Powell, 24, averaged 8.4 points and 2.2 rebounds last season. The 2015 second-round pick became an integral bench cog on the wing and made 18 spot starts.

Because Powell was a second-round pick, he was due for restricted free agency after his third NBA season. That meant he was eligible for an extension of either 120 percent of his 2017-18 salary or 120 percent of the projected average NBA salary for next season. Considering he makes $1.4 million this season, it was a no-brainer what the starting rate for his extension would be.

The Miami Heat and Josh Richardson agreed to a similarly structured four-year deal last month.

While the terms of Powell's extension are sound, the Raptors have put themselves deep into luxury-tax territory next season. Bobby Marks of ESPN reported Toronto now has $124 million in guaranteed contracts on its books, putting it well above the threshold.