Report: Raptors, Powell agree to 4-year, $42M extension

"We The Norm."

The Toronto Raptors and Norman Powell have agreed to a four-year, $42-million contract extension, according to ESPN's Adrian Wojnarowski, citing league sources.

The 24-year-old's new deal - which includes a player option for the fourth year - will kick in at the start of the 2018-19 campaign, as he's locked in for one more year at just $1.4 million for the upcoming season.

Under the league's new collective bargaining agreement, Powell was eligible to sign for either 120 percent of his current annual salary or 120 percent of the average projected salary this season, depending on which number was higher.

Powell was selected 46th overall by the Milwaukee Bucks in the 2015 NBA draft, and then sent to the Raptors, along with a 2017 first-rounder, in exchange for point guard Greivis Vasquez.

In 76 appearances last season for Toronto, Powell averaged 8.4 points, 2.2 rebounds, and 1.1 assists, while shooting 44.9 percent from the field.

He's currently competing with veteran C.J. Miles for the opportunity to be named the Raptors' new starting small forward.