Unfortunately, they fell to fifth instead. If the Raptors had gotten a top two pick, the choice of whom to pick would have been relatively simple: either Kyrie Irving or Derrick Williams.
Even if they had ended up picking third, they would at least know with almost complete certainty which players would still be available to choose from. With the fifth pick, however, things become a little less transparent.
The following slideshow will break down some of the options that the Raptors management has regarding their fifth overall pick. This includes both who they could possibly draft with the pick and a potential trade scenario involving their pick.