Well, the hits just keep on coming. After last week’s monster moves, Colangelo continued working on the weekend, signing Jarrett Jack to an offer sheet. The Raptors also lost one of their all-time good guys when free agent Anthony Parker officially signed with the Cleveland Cavaliers.

Now, the Jarrett Jack “signing” is only an offer sheet - since he is a restricted free agent, Indiana has until next week to match the offer and retain him. However, it’s presumed they won’t because doing so would put them over (or at least near) the tax level. No firm details of the offer have been released, but it’s believed to be in the four years, $20 million range.

I’ve liked Jack since he first came into the league; in fact, I was hoping the Raptors would find a way to draft him in 2005. He’s big for a PG at 6′3″ and 200 pounds, and he can play the two as well. He’s a solid defender, a decent shooter at 45%, he’s shown he’s comfortable starting or coming off the bench, and he’s coming off a career year (highs in points, rebounds, assists and 3-pt FG%). He’s a versatile player who should fit perfectly on this newly-constructed Raptors team.

Nevertheless… one could argue that $20 million over four years is a little much for a sixth- or seventh-man. Especially since, as far as I can tell, there were no bidding wars going on for his services. I can’t help but think a three-year deal for $12 or $14 million might have made a little more sense…

Still, we all know Bryan Colangelo is a guy that simply goes after what he wants. He wants Jack - and he intends to get him.

Unfortunately for us in the blogosphere, we now have to wait for Indiana to either renounce Jack or simply wait for the seven days to pass without matching the offer. They’ll surely do the latter. Which means the Raptors won’t make any other moves in that time frame, including signing Carlos Delfino or Rasho Nesterovic, because they need to know for sure where there finances stand. So it should be an uneventful week.

But one event can’t pass by without some acknowledgement. The Cavaliers officially unveiled their newest acquisition yesterday, free agent Anthony Parker. The multiple-Euroleague-MVP award winner joined the Raptors in Colangelo’s first summer on the job, and was a huge contributor in the Raptors 47-35, Atlantic Champion 2006-2007 season. Over the past three years he hit a number of clutch shots (I remember a falling, lunging banked-in three pointer from the top to seal a win against Detroit late in the 06-07 season, and who could forget the tip-toe-corner three he nailed to tie the game against New Jersey last year - one play before Vince Carter won it on the dunk at the buzzer?) and provided steady, generally mistake-free basketball. He was a deadly three-point shooter from the corners and had a penchant for making that incredibly difficult fade-away jumpers.

Unfortunately, he lost a step in the last year, and it showed; he was our best perimeter defender for two years but last year, was just another pylon in our porous defense. He also had a habit of going 1-2 at the line in clutch FT situations. But he was asked to do more than he should have been for a completely undermanned and underwhelming team last year.

In Cleveland, where he can settle into a role as a shooter and big guard alongside LeBron James, he should have a great year. I expect his role in terms of actual stats will go down, but he’ll play a big role in the overall complexion of that team, in terms of providing relief for James, clutch shooting, steady ball-handling, and as a bigger guard to match up with Orlando and Boston (as opposed to the under-sized West-Williams backcourt).

I wish him luck and look forward to Raptors fans giving him a big round of applause when he returns.