It was to complete the Lowry trade;
Originally Posted by Hoopsworld
While the Raptors committed salaries for next season place them approximately $17 million under the salary cap, the team has salary cap holds in excess of that space. However, by renouncing their rights to all of their free agents except Jerryd Bayless and Sonny Weems, the Raptors can complete the trade for Lowry now. If Bayless is re-signed at a number close to his qualifying offer before the offer sheet to Fields is issued, the Raptors should not have to complete any further moves to accommodate both transactions.