The 25-year-old defensive specialist was drafted out of Texas 9th overall by Charlotte in 2008. In 358 career games with Indiana and Charlotte, Augustin has averaged 9.6 points and 4.0 assists in 24.5 minutes.
His numbers were down in 2012-13 (4.7 points, 2.2 assists, 16.1 minutes in 76 games) while coming off the bench for the Pacers, who made it to the Eastern Conference final.
Toronto Raptors president and general manager Masai Ujiri has had a busy offseason since taking over basketball duties from the departed Bryan Colangelo. His biggest move came when he traded under-performing center Andrea Bargnani to the New York Knicks for Steve Novak, Marcus Camby, swingman Quentin Richardson and a couple of draft picks.