No, Calderon isn't a free agent. He's got one year remaining on his contract at about $10.5 million.
I don't see Sacramento trading for him though, because a one year rental makes no sense for them. If he gets traded, it will either be to a team that's looking to rent PG depth (Chicago might make sense there), or a team that wants to trade a long-term contract for an expiring one. The Raptors have lots of suitors in that category, but actually getting a good contract back is the hard part.
If the Raptors trade down, the guy I'd love them to target is Ross. He's a long-term prospect (which Colangelo has said they'd be okay with), but I think he's got huge upside.
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