Ibaka's previous contract signed in 2013 was a four-year deal worth only $49 million. Lowry announced his decision on The Players' Tribune. Per Adrian Wojnarowski of ESPN, the deal is worth $100 million over three years.
The news comes hours after Toronto's other key free agent Serge Ibaka agreed to a three-year deal with Toronto.
"I'm coming back to Toronto because my heart is telling me that it's home - and because staying home, for me and my family, feels like the right thing to do". Overall in 2016-17, Redick averaged 15.0 points, 2.2 rebounds and 1.4 assists in 28.2 minutes over 78 games (all as a starter).
As for his salary, the $21 to $23 million he will receive ($20M in year one, $21M in year two and $23M in year three, according to Spotrac.com) is right around what he's worth based on the current National Basketball Association landscape. This can allow Toronto to clear out a ton of salary then to reset if they want.
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It's unclear how much interest there really was outside of Toronto.
The $20 million-plus price tag is a fair one in the modern NBA's marketplace for Ibaka, even if he has slipped defensively since his heyday as a potential franchise cornerstone in the paint during OKC's run to four conference finals in six years.
Raptors fans will sleep easy knowing the best point guard in franchise history (sorry, Damon Stoudamire) is under contract for at least three more seasons.
He previously played with the Oklahoma City Thunder and has averaged 12.0 points and 7.3 rebounds per game over the course of his career.