Here's the latest salary cap update for the Toronto Raptors

Here is how the transaction record seems to be going for the Raptors this free agency period.

Starting point: No cap space, multiple free agents with cap holds.

Sign Delon Wright to rookie scale deal.

Waive all free agent cap holds and TPE's (keep de Colo's rights), waive Luke Ridnour: Open up $23.7 million in cap room.

Sign DeMarre Carroll: Cap space drops to $10.2 million.

Sign Cory Joseph: Cap space drops to $3.7 million.

Sign Luis Scola: Cap space drops to $0.7 million ($689,666 to be precise).

That's where the Raptors sit now. There is still Bismack Biyombo to sign with the Room MLE. If they wanted to use a little more cap space, they could waive de Colo's rights, and go up to $2.6 million in cap room. Even if they don't, though, if one of Powell or Daniels is signed, it would be best to use that $0.7 million in cap space to sign him, as the team can offer 3 years using cap space and would get his Bird Rights after the contract is up. With the minimum salary exception (often used to sign second rounders) the maximum length is two years, which results in getting only Early Bird Rights for the player, leaving the team in a Gilbert Arenas situation (where a backloaded offer sheet like the one Landry Fields got is a real possibility) when the contract is up.

One thing that should be noted is that if you want to have three players inactive (and therefore available to play in the D-League) you have to have a full 15 man roster. So there will very likely be two more signings - whether those are with veteran minimums or by signing the second rounders or a trade happens that throws it all off or they bring de Colo over...

In any case, the roster appears to be pretty much complete at this point pending the signing of those last two roster spots, then finishing up with Biyombo.

2015/16:

DeMarre Carroll $14,050,000
Kyle Lowry $12,000,000
DeMar DeRozan $9,500,000 (not including $600,000 unlikely incentive)
Cory Joseph $7,000,000
Patrick Patterson $6,268,675
Jonas Valanciunas $4,660,482
Terrence Ross $3,553,917
Luis Scola $3,000,000
James Johnson $2,500,000
Lucas Nogueira (BeBe) $1,842,000
Bruno Caboclo $1,524,000
Delon Wright $1,509,360

Bismack Biyombo $2,814,000 (not included in cap calculation as signed with Room MLE)

Cap holds:

Nando de Colo $1,901,900 (cap hold; $1,828,750 QO)

Above roster, if de Colo is let go, and excluding Biyombo: $67,408,434

League Levels:

Cap: $70.0 million
Tax: $84.7 million
Apron/Hard Cap: $88.7 million

In my last post I pointed out that a lot of it was based on assumptions. Turns out I was luckily correct on all counts - the cap did indeed rise (in fact, it rose almost $1 million more than expected). Carroll and Joseph were indeed signed to back loaded deals (even with slightly lower starting salaries according to Basketball-Insiders). And the Sun's Ryan Wolstat double checked and confirmed that $9.5 million is the correct salary for DeRozan. So that worked out well.

I'll do another post another time looking in depth at options for next summer and beyond. I might wait a bit because whenever I do an update like this Masai drops a giant trade or signing that changes everything.

As ever, if there are any questions, comments or clarifications needed feel free to ask.