Raptors Acquire Kyle Lowry From Rockets

WEDNESDAY, 10:36am: The Raptors officially announced in a press release that they have acquired Kyle Lowry in exchange for Gary Forbes and a first-round pick.

THURSDAY, 2:38pm: The pick going to the Rockets will be top-three protected in 2013, top-two protected in 2014 and 2015, and top-one protected in 2016 and 2017, tweets Jerome Solomon of the Houston Chronicle. Solomon adds that if the pick isn't in the lottery, the Raptors will keep it until the next season. If the pick doesn't meet these criteria for five seasons, Toronto's 2018 first-rounder will be sent to Houston no matter where it lands.

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Free Agent Rumors: Flynn, Heat, Mahinmi

We're less than 14 hours away from the July moratorium coming to an end and this season's signing period beginning in earnest. As of 11:00pm central time tonight, teams can officially sign free agents, trades can be consummated, and players can sign contract extensions. In the meantime, free agents have one more day to try to reach contract agreements before clubs start finalizing the moves they've agreed to over the last week and a half. We'll track today's rumors on free agents here, with the newest updates up top:

  • Jonny Flynn has worked out for the Hawks and will visit the Bulls on Friday, tweets Marc J. Spears of Yahoo! Sports. Count the Cavs as another team interested in the point guard's services.
  • Look for the Heat to add a minimum-scale big man, such as Kwame Brown or Joel Przybilla, as they finish up their offseason spending, tweets Ira Winderman of the South Florida Sun Sentinel. 
  • Gery Woelfel of the Racine Journal Times (Twitter link) hears from NBA officials that the Bucks have some interest in Ian Mahinmi.

Earlier updates:

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Offer Sheets To Watch

Restricted free agents that have agreed to sign offer sheets with new teams can begin doing so as soon as 11:00pm CST tonight. When a player officially signs an offer sheet, his old team has a three-day window to decide whether or not to match it and bring him back.

When a player formally signs an offer sheet, it means only two options are in play for him: He either ends up on the team whose offer he signed, or returns to his old club. Sign-and-trades are no longer an option. So, for restricted free agents like Eric Gordon and Nicolas Batum, who seem to prefer to change teams, it may be worthwhile to explore sign-and-trade possibilities once more before locking into those offer sheets and putting their futures in the hands of the Hornets and Trail Blazers, respectively.

Here are a few restricted free agents that reportedly agreed to sign offer sheets whose situations are worth keeping an eye on:

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Sonny Weems Becomes Unrestricted Free Agent

3:11pm: Kennedy clarifies (via Twitter) that the Raptors have withdrawn their qualifying offer, but not necessarily renounced their rights to Weems. I'd expect that to be the next step, but either way, Weems is an unrestricted free agent.

2:49pm: The Raptors have withdrawn their qualifying offer and renounced the rights to Sonny Weems, according to Alex Kennedy of HoopsWorld (via Twitter). The move makes Weems, who was initially a restricted free agent, unrestricted and free to sign with any team.

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Dwight Howard Rumors: Saturday

There wasn't much movement on the Dwight Howard talks yesterday but the Nets, Lakers, Hawks, Mavericks, and Rockets are all still in play for the Magic star.  Of course, four of those teams could have pause about trading for Howard as he says that he won't agree to an extension with any club other than Brooklyn.  We'll keep track of the latest Howard rumors in this post..

  • Ken Berger of CBS Sports writes that the Rockets continue to have their eye on Dwight and are continuously exploring ways in which they can acquire draft picks and cap space. After dealing Kyle Lowry to the Raptors for a future first-round pick this past week, it is understood that Houston is engaging in sign-and-trade talks involving Marcus Camby under the premise of accumulating more draft picks, which could later be used to sweeten a trade offer to the Magic

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Raptors Shopping Jose Calderon

JULY 6th, 3:16pm: There's a "growing sense" around the league that the Raptors will either trade or keep Calderon, rather than amnestying him, says ESPN.com's Marc Stein (via Twitter).

JULY 1st, 11:52am: The Raptors are trying to trade Calderon so that they don't need to amnesty his expiring contract, tweets ESPN.com's Marc Stein. Stein adds in a second tweet that the Raps are seeking a trade partner with a big enough trade exception or chunk of cap space to absorb Calderon's salary. The Nuggets are the only team with a trade exception large enough for Calderon's contract, so finding a deal could be tricky.

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Jerryd Bayless Becomes Unrestricted Free Agent

The Raptors have withdrawn their qualifying offer for free agent guard Jerryd Bayless, making him unrestricted, tweets ESPN.com's Marc Stein. Bayless is now free to agree to sign with any team, without the Raptors having the opportunity to match.

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Free Agent Rumors: Jamison, Sessions, Lewis

Five days into free agency, a number of big names, such as Deron Williams, Kevin Garnett, Jason Kidd and Steve Nash, are off the market. But there are still plenty of players out there looking for contracts. We'll wrap up many of today's free agent updates right here, with the latest items added to the top of the page throughout the day….

  • Antawn Jamison had dinner in Charlotte with Bobcats executives Rod Higgins and Rich Cho, writes Marc J. Spears of Yahoo! Sports (Twitter links). The former UNC star has also been talking to Warriors general manager Bob Myers, Jamison's former agent, and will chat with head coach Mark Jackson in the near future.
  • The Mavericks have reached out to Ramon Sessions for a second time and pitched a starting job to the veteran point guard, writes Jeff Caplan of ESPNDallas.com
  • Rashard Lewis will visit the Heat this weekend after having his contract bought out by the Hornets, reports David Aldridge of NBA.com (Twitter links). The Hawks and the Knicks are among other teams interested in the veteran forward. 

Earlier updates:

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Latest On Goran Dragic

8:45pm: CBSSports.com's Ken Berger reports (via Twitter) that the Charlotte Bobcats have been in contact with Dragic's camp and will be making him an offer tonight. He adds in another tweet that the Mavericks, Raptors, and Suns are also pursuing Dragic and that he is still "far apart" in talks with the Rockets.

8:41pm: With Deron Williams re-signing with the Brooklyn Nets on Tuesday and Steve Nash's stunning trade to the Los Angeles Lakers earlier today, the Rockets' Goran Dragic is arguably the best point guard remaining in free agency. ESPN.com's Marc Stein tweets that, following the Nash trade, the Phoenix Suns will be aggressively pursuing Dragic.

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