Bulls land Lonzo with 4-year, $85 million deal

Brandon Ingram passed on a four-year, $160 million contract extension offer from the New Orleans Pelicans, sources tell Jake Fischer. Last week, Ingram was traded by the Pelicans to the Toronto Raptors. This week, Ingram signed a three-year, $120 million extension with the Raptors. Ingram will receive the same annual average with the Raptors of $40 million, but he has a player option for 27-28 that could allow him to test free agency a year early.

Ingram was widely shopped by the Pelicans over the past few months, but the Raptors and Atlanta Hawks were the only teams to really pursue him.

The Raptors reset their team around Scottie Barnes over the past 14 months by trading out OG Anunoby and Pascal Siakam while bringing in Immanuel Quickley, RJ Barrett and Ingram.

“They want to compete starting next year,” said one NBA figure with knowledge of the Raptors’ thinking.