Powell, 27, is having a breakout season, averaging career highs in points (19.6), 3-pointers (2.8 per game) and 3-point percentage (43.9%).
He has a player option for next season at $11.6 million.
Powell was the 46th overall pick in the 2015 draft out of UCLA by the Milwaukee Bucks, who dealt him on draft night to the Raptors.
Trent, 22, is averaging a career-high 15 points per game in his third season and is shooting nearly 40% from 3-point range. He is a restricted free agent after this season.
Hood, 28, is averaging a career-low 4.7 points per game but is getting fewer than 20 minutes per contest. His contract is non-guaranteed next season.
The Blazers are currently sixth in the West, a half-game behind Denver. The Raptors are a disappointing 11th in the East and 1-9 in their past 10 games.