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The Toronto Raptors extended the rookie contract of swingman Terrence Ross right before Monday's midnight deadline. According to Yahoo Sports' Adrian Wojnarowski, the deal is for three years and nearly $33 million. 

This will probably be a polarizing deal, but perhaps it shouldn't be in this new salary-cap climate. While you used to have to be an above-average starter to get $11 million per season, that is just not the case anymore. The Raptors are paying a fair price for a solid sixth man who could develop into more than that.

"Terrence has shown growth with each season," Toronto general manager Masai Ujiri said in a statement. "We are excited that he will be part of what we are building in Toronto. He is a great teammate and has worked hard to become one of our best shooters."

Here's the argument for locking him up, from Toronto's perspective: It's rare to have a player on the roster who could theoretically win both a 3-point shootout and a dunk contest. Ross has shown flashes of brilliance, including a 51-point game a couple of seasons ago. He's familiar with the Raptors' core players, coaching staff and culture. He's thrived in his reserve role to start the season, including a 21-points-in-21-minutes performance in Boston. His price tag could have gone up had he hit restricted free agency.

Here's the argument against it: Throughout Ross' first three seasons, he struggled with consistency. He could explode for 20-plus points, but he could also be invisible offensively. Worse, his attention to detail on defense can disappear seemingly at random. Ross has looked assertive and confident in these last three games, but there's no guarantee that means anything. He hasn't definitively proved he's worth this kind of commitment.

It's worth remembering, though, that both sides are taking risks here. Ross could be costing himself some money with this deal, as he can be an effective two-way shooting guard when he's at his best. A lot of teams would love one of those, and they won't get a chance to bid on him for quite a while. Given his potential, this is a relatively low-risk, high-reward agreement for Toronto.

Terrence Ross is remaining a Raptor.  (USATSI)
Terrence Ross is remaining a Raptor. (USATSI)