The Toronto Raptors and point guard Kyle Lowry have agreed to one-year contract extension for $31 million, agent Mark Bartelstein told Adrian Wojnarowski of ESPN.

The move keep Lowry under contract through the end of next season. The Raptors are coming off the first championship in franchise history.

Lowry, 33, averaged 14.2 points and a career-high 8.7 assists in 65 regular-season games last season. He then increased his scoring average to 15.0 points in the Raptors’ run to the title (24 games) in the playoffs.

As Wojnarowski noted, Lowry’s extension lowers the Raptors’ projected salary cap flexibility from $60 million to $26 million in the 2020-21 season.