Ford signed a three-year deal with an option for a fourth year.
The extension could pay the guard as much as $33 million.
Raptors general manager Bryan Colangelo had until midnight
Tuesday to make the deal, otherwise the 23-year-old would become a
restricted free agent at the end of this season.
"Just knowing that I'll be here some more years, and with a
great group of guys we have we just look forward to building a
championship team," Ford said after Tuesday's practice.
Ford was acquired in an offseason trade with the Milwaukee Bucks
for forward Charlie Villanueva, runner-up for NBA rookie of the
year last season. The speedy Ford was the perfect fit for the
fast-paced offense Colangelo wanted the Raptors to play.
"We think T.J. has all the physical tools, he has the mental
capacity, he's a tough kid, he's got some tools that a lot of
people don't have: speed and quickness," Raptors coach Sam
Ford, the No. 8 selection in the 2003 NBA draft, averaged 12.2
points and a team-high 6.6 assists in 72 games last season
following a spinal-cord injury that sidelined him for a season and
"I want to be one of the best point guards in the NBA, and
that's my main focus," Ford said.
The Raptors also announced they have exercised the fourth-year
option for forward Kris Humphries. Humphries is now guaranteed
through the 2007-08 season.