"We The Norm."
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.
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.