When he stepped to the microphone at Ryerson University on Monday, legendary NCAA basketball coach George Raveling called Toronto the most prolific basketball hotbed in North America.

He's not alone in that opinion. Hoops insiders are running out of ways to describe the spiking popularity of basketball in the city, from the emerging success and rabid fan support of the NBA's Raptors to thriving grassroots clubs that have produced a wave of talented players who are starring in the NCAA and and NBA.

But remarkably, this week marks the first time Toronto has hosted the Canadian Interuniversity Sports men's Final 8.

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Raveling was among several high-profile basketball experts on hand to kick off the tournament; he was one of the first African-American coaches in the NCAA, and now is Nike's Director of International Basketball and a member of the Naismith Basketball Hall of Fame. He was also here to participate in a pretournament speakers forum featuring more than a dozen leaders in the sport, including Raptors president and general manager Masai Ujiri, former Vancouver Grizzlies GM Stu Jackson, executives from the Houston Rockets and Washington Wizards, and ESPN play-caller and host John Saunders, a Toronto native.

"Toronto's on fire; everyone is talking about Canada Basketball and this sudden wealth of production, especially first-round draft choices," said the 77-year-old Raveling in the day's opening address. "You've captured the attention of global basketball, and deservedly so."

Raveling met Ryerson coach Roy Rana, now head of Canada's junior national team, through Nike basketball events a decade ago, and has mentored him since.

"There could be a day we're sitting here watching a CIS tournament and there's standing-room only, but the culture here has to continue to be fed," Raveling said of the growing but still under-attended Final 8. "It takes time and promotion – just increase the number by 5 per cent each year and it could be incredible. If the business community and government really got behind basketball like they do in many countries, it would be scary to see what Canada could accomplish."

"I just can't imagine what basketball will be like in Toronto in 20 years, it's going to be awesome," said Ujiri. "Having a Canadian to play for the Raptors is something we think about every day … The time will come."

The forum was broken into several discussions. The first was about the path from grassroots basketball to the NBA; Toronto's early club coaches shared stories of taking Canadian players to American tournaments.

The second discussion was about the globalization of the game, and Raveling spoke of the narrowing talent gap between the United States and the rest of the world. Speakers tackled the issue of trying to elevate the passion for international basketball competitions, and what having the best Canadian stars playing in the next Olympics could do to ignite the sport's popularity.

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"If we're not planning to beat the U.S., then we're not doing our job," said Michelle O'Keefe, executive director of Basketball Canada, to which the room heartily applauded.

Saunders then moderated a panel of former NBA executives – including ex-Raptors boss Glen Grunwald and Jackson – on how basketball has grown in Canada since the NBA arrived here in 1995.

"So much has changed, first and foremost, the number of quality players in this country is astonishing. And to think that if a Canadian national team was put together today, they may have to actually cut NBA players," Jackson told the Globe. "The fact that an event like this can be put on … it's phenomenal and speaks to the overall growth of the game."

The tournament kicks off Thursday at the Mattamy Athletic Centre with reigning four-time national champion Carleton as the top seed. Joining the Ravens in the quest for the W.P. McGee Trophy will be second-seeded Windsor, No. 3 Ottawa, No. 4 Victoria, No. 5 Dalhousie, No. 6 Bishop's, No. 7 Ryerson and No. 8 Saskatchewan.