The time is now for general manager Bryan Colangelo to prop up the roster and have them compete for a playoff spot, and at the same time, secure himself a contract extension.
The Raptors are $11 million under the salary cap and can spend up to $23 million this offseason before reaching the luxury tax threshold.
The deal will leave Toronto with up to $8 million on a secondary free-agent target. That number could grow to $18 million if they decide to dump Jose Calderon's contract, but Toronto will likely leave some flexibility for next year when DeMar DeRozan and James Johnson's contracts are due for re-signing.
The addition of Nash will be huge for Toronto. Many fans fail to realize Toronto's goal of making it back to the playoffs and being competitive. The team is not guaranteeing anyone a championship, but is hoping to have a "50-win team" that could raise a few eyebrows come playoff time.
Steve Nash lead the Phoenix Suns and fell short by only one game in Phoenix despite having virtually no help outside of Marcin Gortat. On the Raptors, Nash will have two very talented big men in Andrea Bargnani and Jonas Valanciunas, and will also have underrated pick-and-roll players in Ed Davis and Amir Johnson. Steve Nash has made big men around him play much better throughout his career, and we should not expect anything less of him in Toronto.
Toronto should be playoff bound after signing Nash, but they should also look at at least one other free agent before throwing this team out on the court. The 2012 NBA free agent class is very deep and has many underrated players looking for new deals. Here is a list of the top free agents Toronto should pursue to best complement their (likely) new addition, Steve Nash.