Fields—and every other NBA free agent—cannot sign a contract until July 11, and when he does finally put pen to paper, the Knicks will have three days to match Toronto's offer. However, it may be tough for them to retain Fields, as the Raptors have backloaded the deal, cleverly including a spike in the third year.
Assuming the Knicks cannot afford to match the offer, the Raptors will have a promising young core moving forward.
Fields' numbers aren't overly impressive, but he's one of the most versatile guards in the league. He's the perfect glue guy for a young team like the Raptors, and is capable of filling just about any role on the perimeter. At 6'7", Fields can defend multiple positions and is a good passer, a strong rebounder and an efficient scorer.
He certainly isn't the sexiest acquisition, but he gives the Raptors a very intriguing roster.
Andrea Bargnani finally figured everything out last season, DeMar DeRozan is quietly becoming one of the best shooting guards in the league, rookies Terrence Ross and Quincy Acy are promising and highly skilled big man Jonas Valanciunas will be coming over from Europe this season.
Throw in the fact that Steve Nash may be joining the Raptors (h/t Sam Amick, Sports Illustrated), and Toronto suddenly looks like one of the most exciting teams in the league.