I wouldn't sign any expensive free agents until after the new CBA is in place. It could handcuff the organization for many years to come.
Free agency is generally good for playoff teams that want to become championship contenders. The Raptors
aren't there yet, and probably won't be for another 2-3 years.
A lot of the ideas in this thread would turn the Raptors
into a mediocre team without much hope of getting better. It's probably better in the long run to have another year or two of high draft picks.
Obviously, if we draft a guy that turns into a superstar overnight, or if Ed, DeMar or whoever starts dominating that would change things. At this point, though, I don't see the point in filling roster gaps with middling talent.
That said, I might take a flier on Oden at 4-5 years for $15-20 million or something like that. With him it would be better to sign him for at least 3 years. You have to plan that year 1 will be mostly rehab, year 2 he'll still be getting into game shape and year 3 would be the first year of consistent productivity (barring more injuries). Signing him for less than 3 years would be a mistake, since he would then become a free agent right after he recovered. Also, I wouldn't make the deal without getting a lot of advice from medical experts. You have to wonder why Portland is unwilling to take a chance on him, even at a low price. They seem to think the situation is hopeless, and they're in the best position to know.
Also, if Chris Paul wanted to sign here I'd let him.