Fred VanVleet has agreed to a two-year, $50 million contract with the Houston Rockets. VanVleet will hold a player option for the 2026-27 season.

The Rockets declined their $44.9 million option on VanVleet to make way for their new deal at a significantly lower number. VanVleet, who is represented by Rich Paul, signed a three-year, $130 million contract with the Rockets during the 2023 offseason. 

Last season, VanVleet averaged 14.1 points, 3.7 rebounds and 5.5 assists in 60 games with the Rockets.