Fred VanVleet contract: Rockets guard to re-sign as team makes offseason moves around Kevin Durant, per report

The Rockets previously declined their team option with the intention to ink a new deal

Houston Rockets guard Fred VanVleet is expected to re-sign with the team in the form of a two-year, $50 million contract, according to ESPN's Shams Charania. The deal trims VanVleet's annual salary nearly in half -- from the $44.9 million he would have earned had the Rockets picked up their team option -- and includes a player option for the 2026-27 season. The expectation has been that the parties would agree to a smaller deal in an attempt to move the franchise under the salary cap's first apron.

VanVleet's return shores up a veteran presence that now also includes Kevin Durant, for whom the Rockets acquired in a massive trade. The offseason moves could help the Rockets take the next step as contenders after they hit a roadblock in the first round of the playoffs. The Rockets' core continues to take shape with the recent string of contract moves, which also includes the extension with Steven Adams. The veteran center inked a $39 million deal to keep him in town and delay his free agency by three years.

VanVleet was a key catalyst behind the Rockets' steep and quick climb from the NBA's basement towards the top of the Western Conference. He joined the franchise in 2023, and his arrival coincided with win total increases in each of the ensuing two years from 22 to 41 to 52. The Rockets this season snapped a four-year playoff drought when they locked up the Western Conference's No. 2 seed.

While VanVleet's individual production slipped a touch in his second year with the Rockets, he was a critical two-way presence for a rising contender. The 31-year-old from Wichita State averaged 14.1 points, 5.6 assists and 3.7 rebounds across 60 games, nearly matching his career averages. He also elevated his game in the postseason and was a more prolific scorer in the playoffs at 18.7 points per game. He drilled 43.5% of his 3-point attempts to set a new playoff career high.

VanVleet is a one-time All-Star who won the 2019 NBA championship with the Toronto Raptors. He signed with the Canadian franchise in 2016 as an undrafted free agent and quickly established himself as a reliable lockdown defender with offensive upside as a volume shooter.