Rose, who won a gold medal with Team USA at the World Championships in 2010, is out of the London Games after tearing his ACL during the NBA playoffs in April.
"I have a world of respect for Derrick," Colangelo said Monday on "The Waddle & Silvy Show" on ESPN 1000. "We had a great opportunity to get to know him well during the World Championships in 2010 and was very proud of what he did, using that as a platform to become an MVP the following season in the NBA. It's just a terrible injury that really hurt the Bulls and their season. I had him kind of slated as one of our guards. You go with the cards dealt to you."
Rose, who has been working out in the Los Angeles area continuing his rehab, is missed by many of his teammates as well.
"I feel so bad for him, man," Oklahoma City forward Kevin Durant said after Team USA's first practice Friday. "An unfortunate injury; I wish it never happened to him. I wish he could be here with us, but it's given us more motivation to try and win it for him. We know that he belongs here, along with a few other guys as well ... hopefully, we get it done for him."
"We are very strong as probably the most versatile, athletic group ever put together," Colangelo said. "When you start with that you don't talk about weaknesses. People throw out 'Well, you don't have size.' I'll take athleticism, speed and quickness over size all day, every day.
"I think this team is a lot stronger than our team in '08 that had Howard, that had Bosh and had Wade because it's deeper. It's more experienced; back in '08 we had one gold medal winner playing for us, Jason Kidd. Today we have 10 gold medalists playing for us (five from the 2008 Olympics and five from the 2010 World Championship team)."
Team USA opened training camp Friday and will practice in Las Vegas through Wednesday, then play an exhibition game against the Dominican Republic on Thursday.