The Toronto Raptors need to get their ownership situation resolved as quickly as possible. Failure to get Colangelo's name on a new contract gives teams like New York the opportunity to poach the Raptors President while they dither. Without a GM in place for next season, important decisions about coaching, the draft, and which players to build around or trade become unnecessarily ponderous and inaction can become as devastating as actually making a mistake.
More than anything after five seasons of change the Raptors need some stability. Keeping their young core together and extending Colangelo would be a good place to start. A rebuilding program requires patience.