A lucky bounce: the Raptors defied the odds in claiming the No. 1 pick in the draft. The question now is what they'll do with it.

So, this must be why Raptors general manager Bryan Colangelo decided to trade in his tanning lotion and golf clubs in Phoenix for the parkas and ice-fishing huts of the Great White North. Here's Colangelo, just three months into what has been one of the league's toughest gigs, and already he is sitting on a heap of salary cap room, a pair of good young big men (Chris Bosh and Charlie Villanueva) and, now, a dang nice slice of NBA draft territory. OK, the nifty raise the Raptors offered helped get him to Toronto but still, it seems Colangelo already is enjoying a charmed life up north, eh?

The Raptors had major lotto luck last week, turning an 8.8 percent chance into the league's first overall pick. But now comes the hard part: Colangelo must figure out how to translate that luck into a tangible building block. He has three options:

Draft the best player available. Colangelo suggests there are "five or six" players who might be worthy of the top pick, but one G.M. says, "There are really only three." Those three are Italy's Andrea Bargnani, Texas' LaMarcus Aldridge and LSU's Tyrus Thomas. Problem is, none of those three is a drop-dead, must-have player. And, worse, each is a power forward--the same position Bosh and Villanueva play.

Make a trade. This sounds easy, and with rumors of 76ers guard Allen Iverson and Timberwolves forward Kevin Garnett on the trading block, Raptors fans might be tempted to imagine landing one of those guys. But there's a reason NBA teams don't trade the top pick. In the 15 years leading up to last year's draft, only four No. 1 picks--Dwight Howard, Kwame Brown, Michael Olowokandi and Joe Smith--have not become All-Stars. Howard is sure to make it three. If Colangelo chooses this path, he leaves the franchise open to letting an All-Star slip away.

Draft for need. The Raptors are likely to let point guard Mike James walk, which will make them woefully thin in the backcourt. But it would be risky for Colangelo to take, say, Randy Foye or Brandon Roy with the top overall pick. Drafting a small forward such as Adam Morrison or Rudy Gay also would be risky--the Raptors would have to move second-year man Joey Graham to shooting guard, and few believe either Morrison or Gay is worth the top pick.

So, Toronto's likely move will be to take the best player it can. Colangelo, having already handled players such as Penny Hardaway and Stephon Marbury in Phoenix, is not going to get sucked into the cumbersome ...