File this under not surprising at all, merely housekeeping news. The Raptors officially announced today they've exercised fourth year options on Jonas Valanciunas and Terence Ross:

The @Raptors have exercised the 4th-year team options on Valanciunas and Ross. Both contracts now guaranteed through 2015-16 season. #rtz — RaptorsMR (@RaptorsMR) October 14, 2014

The fourth year extensions will pay the following:

According to resident contract genius @MarkDeeksNBA, that'll be 4.66 M for JV next year, and 3.55 M for Ross. — Eric Koreen (@ekoreen) October 14, 2014

Of course, more interesting will be next summer when the team will be able to negotiate an extension with both Valanciunas and Ross. If no deal is made by the start of the 2015-16 season, both players will head to restricted free agency the summer after.

For recent comps, Kenneth Faried of the Denver Nuggets just signed a four-year, $50 million deal. Markieff and Marcus Morris got $52 million combined over four years with Phoenix. If Valanciunas continues to develop, it wouldn't be inconceivable to see him get a contract in the Faried range.

I'm less certain as to what the market value for Ross will be. He will be a secondary option on this team behind DeMar DeRozan and Kyle Lowry, and it's possible Lou Williams might take up some of the minutes that would have otherwise been allocated to Ross as well, depending on what fourth quarter lineup Dwane Casey settles into.

Either way, the fourth year options have now been exercised, the harder negotiations will come in a year.