The Globe and Mail reports: Toronto Raptors president Bryan Colangelo was probably on the phone, too, but he only had one call to make above all others: to offer Raptors point guard Jose Calderon the best deal he can afford and hope it’s enough to convince the emerging Spanish star that his future is in Toronto.

The Toronto Star (Doug Smith) reports: The one player who seems to be on his way out is restricted free agent Carlos Delfino. Because of financial constraints, and the desire to give coach Sam Mitchell a chance to establish a regular rotation, Delfino doesn’t appear to have a future with the Raptors. And because of those same issues, it’s unlikely Toronto would entertain a sign-and-trade proposition for Delfino, who may end up heading to Europe, where he’s sure to command a greater salary than he’ll get in the NBA.

The Toronto Raptors announced Friday they have extended qualifying offers to restricted free-agent guards Jose Calderon and Carlos Delfino. Per team policy, financial details were not disclosed.
In accordance with the league’s collective bargaining agreement, in order for a team to retain its right of first refusal with respect to a restricted free agent it must tender the player a qualifying offer prior to June 30. A restricted free agent may sign an offer sheet with any team, but is subject to a right of first refusal in favour of the team for which the player last played.
Calderon contributed career highs of 11.2 points and a team-best 8.3 assists in all 82 regular season games in 2007-08. He led the NBA with a 5.38 (678/126) assist-to-turnover ratio. Calderon has averaged 8.7 points, 6.1 assists and 25 minutes in 223 regular season NBA games with the Raptors.
Delfino appeared in all 82 games, averaging 9.0 points and 4.4 rebounds. He set career highs in points, rebounds, three-point field goals made and attempted, free throws made and attempted, and minutes (1,928). Delfino has averaged 5.8 points, 3.0 rebounds and 17.1 minutes in 262 career NBA regular season games with Toronto and Detroit.

The Toronto Raptors announced Wednesday they have released forward Jorge Garbajosa. Per team policy, financial details were not disclosed.
“After a long, difficult and sometimes emotional process stemming from a traumatic injury to a key player, it was concluded that parting ways was the best thing for both Jorge and the Raptors organization,â€� said Bryan Colangelo, president and general manager of the Raptors. “We wish Jorge nothing but the best with his basketball future.”
Garbajosa was limited to seven games last season after suffering a dislocated left ankle joint with ligament tear and fractured fibula March 26, 2007 at Boston. He had surgery to repair the ankle and fibula March 27, 2007 and surgery on his left ankle December 11, 2007.
The native of Madrid, Spain was signed as a free agent July 21, 2006 following seven seasons in the Spanish pro league and four in Italy.  He finished the 2006-07 season fifth among rookies in rebounds (4.9 rpg) and posted a 1.22 steals-per-turnover ratio. He started 60 of his 67 games, contributing 8.5 points (eighth among rookies) in 28.5 minutes (third) en route to earning T-Mobile All-Rookie First Team honours.
The team also announced that a settlement had been reached with the Spanish Basketball Federation regarding the claim filed by the Raptors in connection with the non-payment of insurance proceeds related to Garbajosa’s injury. Per team policy, financial details were not disclosed.
“We are pleased that an acceptable resolution was reached and we can finally put this behind us,” said Colangelo.

The Toronto Sun reports: The Raptors reiterated last week that though offers are constantly being made for point guard Jose Calderon, the odds of him moving are nil since the club can match any offer. Now comes word that Calderon recently fired his American agent, while maintaining his European representation. Connecting the dots, it appears Calderon, a restricted free agent, likely realized he would be returning to the Raptors, so paying considerable cash to a North American agent to promote him around the league made little sense.