It may seem like the Raptors are mere spectators in this free-agent circus, but they're quietly active behind the scenes. The team has had exploratory talks with several free agents, though they have yet to offer a contract to anyone. Before Trevor Ariza agreed to a five-year, $33.5 million deal with Houston, the Raptors discussed a potential five-year deal worth more than $39 million with Ariza's agent, David Lee.
Toronto has had similar talks (for different amounts of money) with several other players, including Linas Kleiza, David Lee and Hedo Turkoglu. Several league execs believe Turkoglu prefers to play in Toronto (because of its international character) instead of Portland, but it's not clear whether the Raptors will make an offer.
By renouncing Shawn Marion, Anthony Parker and Carlos Delfino and waiving Quincy Douby, the Raptors could clear enough cap room to offer Turkoglu $56.5 million over five years. But that would force the Raptors to fill out their roster with minimum-salaried players, and they're worried about not having enough depth. So at present, they're leaning toward re-signing Marion and Delfino.
Once the Blazers make an offer to Turkoglu, the Raptors will decide whether to try and outbid them.