VanVleet denies rejecting $114M extension: Raptors never made formal offer

Toronto Raptors guard Fred VanVleet pushed back on reports that he declined a $114-million contract extension last offseason.

"There was never a formal offer made," the veteran point guard said Sunday after a 117-105 win against the Portland Trail Blazers, according to Sportsnet's Michael Grange. "It was a mutual decision made by both sides that the smart thing to do would be to wait it out. There was no rush, given that I could still sign the extension all the way through the end of the season."

VanVleet continued, "It's a little misleading, and I'm disappointed it has come out. I don't want it to be a distraction, and I'm not going to be speaking on any contracts or any situation regarding my contract this year."

VanVleet holds a player option worth $22.8 million for the 2023-2024 season, according to Spotrac. The 28-year-old signed a four-year, $85-million contract with the Raptors in the 2020 offseason.

An All-Star last season, VanVleet's production has dipped this campaign. The veteran point guard is still second on Toronto in points per game with 18.6, but his shooting percentage has dropped to 37.7% from the field in 37.1 minutes per game. His 3-point shooting has also fallen to a career-low 32.9%.

The Raptors own a 17-23 record, good for 12th in the Eastern Conference. Toronto hosts the Charlotte Hornets on Tuesday at 7:30 p.m. ET.