Yes, there were mitigating circumstances dictating his price tag. The Raptors initially offered it thinking that they were kneecapping New York's sign-and-trade bid to bring Steve Nash to the Knicks, which turned out to be a useless gesture since Nash ended up with the Los Angeles Lakers. The Raptors also truly wanted him on the team, and so they needed an offer large enough to keep New York from matching it, which was their right since Fields was their restricted free agent. Considering the fact that some believed right up until the eleventh hour that New York might match, it gives some credence to the notion that Toronto had to pay what it did to shake him loose.
Tim Chisolm TSN
Granted there is probably opinion in his article too, but I'll trust a reporter over blanket blog statements like

I think we all know thats due to the nash blunder
Let's turn thee discussion back to Klieza, rather than an argument over excessive hyperbole.