You might wonder why this is a great move. First of all, Fields was the key piece to a possible sign-and-trade deal for Steve Nash to go to New York. By signing Fields, Toronto killed any chance of Nash going to NY.
If New York wants to match the offer the Raptors gave to Fields, it means that New York keeps Fields and they are not allowed to trade him in a deal for Nash. And by also keeping Fields, New York will not have the money to bring Nash on through a regular signing.
If they do not match the offer and Toronto keeps Fields, then NY cannot sign Nash regularly once again due to cap reasons—and this means the Raptors might be able to negotiate their own sign-and-trade for Nash.
Even if the Raptors do not trade Fields in an attempt to land Nash, Fields is a good player who can strengthen Toronto's bench and occasionally play as a starter. In his rookie season, Fields was looking like the steal of the draft, until Carmelo Anthony came along.
Before 'Melo, Fields was playing great basketball; and when the big trade with Denver happened, Fields was getting less opportunities on offense and his stats took a big hit. He could see redemption, and his stats go up—whether it be in Toronto or Phoenix.
He is a good defender and a great rebounder for the guard position. His shooting was better in his rookie season, but as previously mentioned, when Carmelo went to New York, Fields did not play the same way he did before.
You might feel a little bad for New York, but in the end, you have to remember that New York and Toronto are both in the Atlantic division and there was no way Toronto would let a strong team get any stronger.
Great move by Bryan Colangelo.