Norm could have been resigned, but if they retained him (and assuming you keep Boucher, who has a team option for next year), it's pretty hard to clear much cap space to sign any other significant free agents, and the Raptors obviously have a huge hole at center they need to fill. Regardless of how much Trent Jr signs for, the Raptors will have the cap space to sign another pretty significant player (depending on the Lowry trade of course).
This is because when you're signing free agents, the amount of cap space you have is affected by something called cap-holds, which, for your own free agents, is a percentage of their previous contract. Because he's coming off a rookie contract, GTJ has a really low cap hold of around $2m. Powell has a cap hold of around $16m. So it basically gives the Raptors an extra $14m of cap space to work with.
(for what it's worth, I did not think the Raptors were thinking about being a player in free agency this summer, but this move strongly suggests they are, and goes with rumours that they're targeting guys like Jarrett Allen and Richaun Holmes).
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