The Raptors have extended qualifying offers to Patrick Patterson ($4.3M), Greivis Vasquez ($3.2M) and Nando De Colo ($1.8M), thus making them restricted free agents. The qualifying offers give the Raptors the right to match any offer made to them (right of first refusal). From the CBA FAQ:
The qualifying offer is a standing offer for a one-year guaranteed contract, which becomes a regular contact if the player decides to sign it. This ensures that the team does not gain the right of first refusal without offering a contract themselves. The amount of the qualifying offer for players on rookie “scale” contracts is based on the player’s draft position. The qualifying offer for all other players must be for 125% of the player’s previous salary, or the player’s minimum salary.
It’s very unlikely Patterson or Vasquez will accept the offer and take a one-year deal at that rate, given the seasons they’ve had. Nando De Colo, though, might just bite at the opportunity to stay on an NBA roster for another year.