Olynyk's deal also calls for a player option for the fourth year, per Woj.

The Celtics had to renounce their rights to Olynyk this week after landing All-Star forward Gordon Hayward in order to make room for him on their books.

After being acquired from Dallas on draft night in 2013, Olynyk spent his first four seasons with the Celtics.

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Sears Canada said it also sought court approval for a sale and investment solicitation process. After years of declining sales, Sears Canada sought creditor protection last month.

With the league salary cap rising once again, Olynyk may be in line for a decent priced long-term contract from each of these organizations looking to add more depth and scoring to their frontcourts. He played a career-high 75 games last season, averaging 9.0 points, 4.8 rebounds, 2.0 assists while making 35.4 percent of his three-pointers.

Olynyk's career highlight came this past postseason. They were always unlikely to keep the big man if they found a way to lure one of the top free agents, but will still miss a lot of what Olynyk brought, including his ability to space the floor. He scored 12 points in the final quarter to seal the 115-105 victory that lifted the Celtics to the Eastern Conference Finals.