Raptors can sign the perfect shooting forward thanks to the Pelicans cheaping out

At this point in the NBA offseason, finding free agents worth signing is a difficult task.

Most of the players worthy of a guaranteed NBA contract have been scooped up, signed to contracts weeks ago. A few players are stuck in limbo -- Isaac Okoro stands out as one playing chicken as a restricted free agent -- but for the most part, teams with an open roster spot don't have a plethora of options.

That's what makes Friday's news so interesting. The New Orleans Pelicans waived forward Matt Ryan before his contract could guarantee, which puts him on waivers and could allow another team to scoop him up.

Who is Matt Ryan?

Not to be confused with the MVP-winning NFL quarterback, the basketball player Matt Ryan was a college journeyman, eventually entering the NBA draft pool after spending his senior season at Chattanooga. He went undrafted in 2020, and has bounced around the G League while getting a cup of coffee with the Celtics, Timberwolves and Lakers.

He leapt onto the NBA scene at the start of last season, when the Pelicans claimed him off of waivers on a two-way contract and immediately inserted him into the lineup as their 3-point gunner. Ryan shot 45.1 percent from deep on 8.4 attempts per 36 minutes, a whopping 80.5 percent of his shots.

That shot diet meant his true-shooting percentage was an elite 63.8 percent, in the Top 40 leaguewide and seventh among non-bigs. He is a pure shooting specialist in a league that needs shooting more than ever.

Why did the Pelicans waive him, them? It wasn't for basketball reasons; they didn't cut him to sign a clearly better player. They currently have 14 guaranteed contracts and there hasn't been word of whether they might sign someone to take his spot.

The reason the Pelicans waived him was purely financial. The Pelicans as an organization are completely unwilling to pay the luxury tax for any team, not matter its level of competitiveness. At the end of the day, an NBA team is a business, and the owners of the Pelicans want to maximize that business's earnings by never crossing that line. It's a de facto hard cap for the team.

The Pelicans are a few million over the tax line, and Matt Ryan's $2.2 million contract was set to guarantee on the first day of the season. New Orleans' first goal is getting out of the luxury tax, then building the best roster second. That meant Ryan had to go.

How can the Raptors benefit?

Ryan now hits waivers, which allows NBA teams to claim him on his current contract. If multiple teams put in a claim, the team with the highest "priority" will be awarded his contract, which in the offseason is ordered by reverse standings the year before.

That means only a handful of teams are ahead of the Raptors in the waiver priority, giving them an excellent chance at landing him if they so choose.

Should they choose? The Raptors needed to add shooting this summer, and while they have done so in a few areas, they could certainly use more. What's more, Ryan may be just 6'6" but he plays bigger than his height, which is why he played 70 percent of his minutes at forward last season. He could be an option to come in off the bench behind or beside RJ Barrett.

Gradey Dick profiles as a plus shooter, if not an elite one. Immanuel Quickley is an excellent shooter. Kelly Olynyk is a strong positive for his position. But deadeye shooters don't grow on trees, and Ryan is unconscious from deep. He could play a valuable role this season as their young group of wings and guards develop.

The cost would be essentially nothing. Moreover, if there is a development between now and the start of the regular season in two months, they can always waive him, or include him in a deal. If they waive him, he may be amenable to returning on a two-way contract.

Claiming Ryan would be an incredibly low-cost flier on a player who could really help them, and all made possible by the Pelicans cheaping out. Those savvy, on-the-margins moves are what help franchises build a team worth rooting for.