The deal includes a player option for the final season of the contract, a source confirmed to ESPN.
VanVleet's journey to stardom was far from a sure bet, as the 6-foot-1 guard went undrafted out of Wichita State ahead of the 2016-17 season. Now he has the largest contract in NBA history for an undrafted player, surpassing Wesley Matthews' four-year, $70.1 million deal with the Dallas Mavericks in 2015.
On Saturday, VanVleet responded to his own tweet from 2016 in which he said "Bet on yourself"
After signing with the Raptors on a two-year, $1.45 million deal, VanVleet struggled to find consistent minutes behind a Kyle Lowry-DeMar DeRozan backcourt. After DeRozan was sent to San Antonio in the Kawhi Leonard deal two seasons ago, VanVleet helped fill the void.
His real breakout came in the playoffs that season, as VanVleet got hot from 3-point range after the birth of his son late in the Eastern Conference finals against the Milwaukee Bucks.
In the Finals against the Golden State Warriors, VanVleet shot a blistering 40% on 6.7 3-point attempts per game to help the Raptors win the franchise's first NBA championship.
VanVleet carried that momentum into last season, averaging career highs across the board. His 17.6 points per game were the most by an undrafted player since Mike James averaged 20.3 with Toronto in the 2005-06 season.
Not just a sharpshooter, VanVleet averaged 6.6 assists last season and got to the foul line nearly four times per game. VanVleet is also a tenacious defender despite his size. He was tied for third in the league in steals, averaging 1.9 per game.