Crabbe confirmed in a Twitter video that the Blazers have matched Brooklyn's four-year, $75 million offer sheet, keeping the restricted free-agent guard in Portland.
Crabbe decided to choose the Nets because he would've been given the chance to be a starter.
Crabbe averaged 10.3 points and 2.7 rebounds in 81 games last season, his third with the team. The 6-foot-6 Los Angeles native was acquired in a 2013 draft-day trade with Cleveland, which took him with the 31st overall pick out of California.
The terms and Portland's match were first reported by The Vertical.
Earlier in the week, the Blazers signed free agent forward Festus Ezeli, and acquired guard Shabazz Napier in a trade with the Orlando Magic for cash considerations. Portland also formally signed forward Jake Layman, acquired in a draft-day trade, as well as free agent wing Evan Turner.
Portland was one of the biggest surprises of last season, advancing to the second round of the playoffs with one of the youngest rosters in the league after losing four starters in the offseason.
Information from the Associated Press was used in this report.