SEPTEMBER 3RD: The Raptors have waived Richardson, the team announced in a press release. Assuming the transaction didn't become official until today, that means the stretch provision, which I mentioned below, wouldn't apply to Richardson.
AUGUST 30TH: The Raptors have waived swingman Quentin Richardson, reports Adrian Wojnarowski of Yahoo! Sports (via Twitter). Richardson was a salary throw-in in last month's Andrea Bargnani deal with the Knicks, and wasn't expected to still be on Toronto's roster by opening night.
Because of a trade kicker in Bargnani's contract, Steve Novak's and Marcus Camby's salaries weren't quite enough to allow the Knicks to take back the former first overall pick. So the team also signed-and-traded Richardson to the Raps as part of the transaction. The veteran's minimum-salary contract for 2013/14 is guaranteed, but the next two years of his deal are fully non-guaranteed.
There's virtually no chance Richardson is claimed on waivers, so Toronto will be on the hook for his full '13/14 salary. However, because the Raptors cut Richardson prior to August 31st, the team can use the stretch provision, extending the cap hits and salary payments for the 33-year-old over the next three seasons.