Budding forward Terrence Ross will not be exploring free agency next summer as he agreed to a three-year extension deal with the Toronto Raptors which will reportedly earn him close to $33 million. 

Each team's salary cap is expected to increase drastically in the 2016 offseason because of the National Basketball Association's (NBA) new television deals. 

Before that happens, the Raptors decided to have a contract for Ross who was their first round pick (eighth overall) in the 2012 season. 

Ross have shown flashes of greatness in his first three seasons but has yet to fully reach his prime. In a report by the Toronto Star, Raptors vice president Jeff Weltman said they are betting on the young forward with the deal. 

"What we're doing is betting on the person," Weltman said, according to the report. "We're saying all the ingredients are there, the development curve is heading in the right direction and we're betting that he's going to continue along that path," he added.

Last season, Ross played in all 82 games and had 61 starts while averaging 9.8 points, 2.8 rebounds, and one assist per contest. 

This season, the 24-year-old is averaging 10.3 points, 2.3 rebounds, and 1.3 assists in 18.4 minutes of action per outing in four games played so far. 

Ross is still an off the bench player and is serving as a backup for starters DeMar DeRozan and DeMarre Carroll. 

According to a report by Yahoo Sports, Ross is already the second Raptor to sign a rookie contract extension, with center Jonas Valančiūnas signing first. 

In the offseason, Valančiūnas inked a four-year contract worth $64 million with Toronto. 

Toronto is currently at 4–0 this season but the team's winning streak will be tested when it continues its road trip today, Wednesday. The Raptors will put their streak on the line as they take on the duo of Kevin Durant and Russell Westbrook and the Oklahoma City Thunder at the Chesapeake Energy Arena.