JULY 12TH: The signing is official, per a team release.
JULY 4TH: The Raptors and Patrick Patterson have reached agreement on a three-year, $18MM deal, reports Jeff Goodman of ESPN.com (Twitter link). Toronto will use Bird Rights to retain the restricted free agent, keeping him away from other suitors before he could sign an offer sheet.
The Suns and Magic were reportedly in pursuit of the power forward. The Raptors apparently feared that some of the above-market deals around the league early in free agency would price them out of the ability to re-sign Patterson and fellow restricted free agent Greivis Vasquez.
The Patterson deal takes care of one part of that equation for the team, but with the club’s trade for Lou Williams shortly before the July moratorium, it’ll be a tight squeeze beneath the projected luxury tax line to sign Vasquez with the hope of adding anyone else. Still, the club appeared to place a priority on Patterson once it secured Kyle Lowry, as worries about the ability of Amir Johnson to stay healthy apparently fueled their desire for a strong backup power forward.
A $6MM average annual value is somewhat high for a bench player, but the capped-out Raptors wouldn’t have had the cap flexibility to shell out quite as much to anyone else had the Sam Goldfeder client ended up elsewhere. Patterson played a critical role in the rotation after coming over from Sacramento in the Rudy Gay trade, averaging 9.1 points and 5.1 rebounds in 23.3 minutes per game with a 16.2 PER for Toronto.