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The price for three-point shooting in this market is too damn high.

If the report by Jeff Goodman is true, of which it might not because no other major NBA reporter has yet confirmed the deal, then it looks like the Raptors have retained power forward Patrick Patterson for the near future. Our Raptors Republic’s #sauces confirmed the signing, and noted that the deal is fully guaranteed.

In Patterson, the Raptors net themselves a high-quality stretch-four. Although he’s best suited to a bench role — which is where he will most likely play as Amir Johnson’s platoon partner — Patterson brings more than just shooting. He’s also a decent defender with smart passing instincts. The three-year deal will carry through until Patterson is 28 years of age. He averaged 8.5 points and 5.3 rebounds in 23.5 minutes per game in 63 games played last season between the Kings and Raptors.

The size of the Patterson deal holds ramifications for the Raptors’ fiscal sheet. By my calculation, the situation reads as below. The Raptors, if they’re looking to duck the luxury tax, have approximately $7 million left to re-sign Greivis Vasquez and find a potential upgrade on the wing. They could, of course, pull Nando de Colo’s qualifying offer, but that carries penalties as well. For more on the Raptors’ financial outlook, check out Blake Murphy’s post.

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For what it’s worth, Ryan Wolstat of the Toronto Sun speculates that Greivis Vasquez’ deal isn’t far behind.

Earlier in the year, I took an in-depth look at Patterson’s game, and predicted 3-years, $12 million as his next contract. However, given the escalating price of shooting in this season’s market (Jodie Meeks signed 3-years, $19 million, Ben Gordon signed 2-years, $9 million), the price isn’t all too egregious. The deal also spans three seasons of Patterson’s prime, and he was a restricted free-agent, so those details surely factored into the price as well.

As for the depth chart, Patterson figures to slot in at his usual position behind Amir Johnson, providing much-needed injury insurance and a floor-spacing influence. Depending on what happens next offseason when Amir Johnson’s contract runs out, Patterson could even slot in as his future replacement. If Bruno and Bebe are signed, the Raptors’ roster numbers 13.