It was Feb. 28, 2006 and Bryan Colangelo was being hailed as the man who would turn around the flagging fortunes of the Raptors and once again make them competitive.

For about two seasons, Colangelo would live up to that billing.

But for the past five years, he and the organization he has overseen have been spinning their wheels.

Needing someone to play alongside Chris Bosh, Colangelo dealt T.J. Ford and the Raptors’ No. 1 pick, Roy Hibbert, to Indiana for Jermaine O’Neal.

Since that trade, it has been a succession of deals with declining returns to try to make amends for that gaffe.

Today, barring a stunning turn of events, it is expected Colangelo’s term in Toronto will end seven years and 81 days after it began.

Under his guidance, the Raptors made it to the playoffs twice — in each of his first two full seasons on the job. The five-year drought since then more than justifies the organization heading in another direction.

This is not an indictment of Colangelo. It’s just a recognition of the fact that he has had his chance to turn things around here and now it’s time to give someone else that chance.

Much is being made right now of the Raptors’ dithering in this respect. Under recently named president and CEO — and this is key — but still not actively serving Tim Leiweke, the impression has been left that the organization is somehow being harmed by a lack of an immediate decision on the general manager.

One way or another, that impression will end today.

Colangelo probably had another year with the Raptors had MLSE not gone out and snapped up Leiweke.

With the current board of directors, there was no one there who seemed ready or willing to make a bold move where the Raptors were concerned.

Colangelo had an option year that could be picked up and the decision would have been put off for another season.

Until Leiweke arrived, that was the best bet for a course of action.

Without new — and, most importantly, passionate — blood on board, it was very likely that the status quo would remain for at least another year.

Leiweke made it very clear he was going to be an instrument of change when he signed on.

“The Raptors have to aspire to be the Heat and the Lakers, a team and a city that people want to be a part of. That’s what we’re going to build: that culture there,” Leiweke said during his formal introduction to the Toronto media.

Despite not officially assuming his new duties until June 30th, Leiweke said on that introduction day that he would have a role in the decision to go forward with Colangelo for his option year or replace him.

But just about everything Leiweke said that day screamed change.

Leiweke is, first and foremost, in it to win it and there’s been little of that of late under Colangelo.

Colangelo has been on the job seven years. After two decent years to begin his tenure, he rolled the dice with an aging Jermaine O’Neal, tried his luck with Shawn Marion and got slapped down hard when he put his faith in Hedo Turkoglu. He failed to get even a decent return on his franchise player in Chris Bosh and coddled Andrea Bargnani far too much to the point where no one seems sure what his value is anymore.

The record of his team over the past five seasons reflects that. His Raptors have won 152 games and lost 242 over the past five years. It’s not a winning percentage or success rate that would encourage a guy like Leiweke coming in to put faith in him for even one more year.

Still, one word of caution.

There are plenty of targeted names out there to fill Colangelo’s shoes. From Denver’s Masai Ujiri to Indiana’s Kevin Pritchard to Oklahoma City’s Troy Weaver, there is plenty to like about the wish list but so far that’s all it is — a wish list.

Ujiri, the Denver GM and former Colangelo assistant in Toronto, has given no indication he is interested, but nor have either of the other two. It’s all well and good to target a guy, even one as presumably easy as it would be to target the recently named NBA executive of the year in Ujiri. But it’s another to actually hook that target.

So, yes, there’s still a slight chance Colangelo could be back.

Leiweke and that firm that MLSE hired to identify and narrow down the wish list can leak all the names they want. But they still have to find someone interested and, as yet, no one has been even rumoured to have reciprocated the interest Toronto has shown in them.

Still, after seven years and with a new boss in town looking to change the culture, it would be a rather big shock if Colangelo gets his option picked up.

You can’t promise change and come back with the status quo.

Colangelo has had his shot. It’s time, perhaps past time, someone else had a turn.

THE BEST

As with any executive who has managed to stick around seven years, it has not been all bad under Bryan Colangelo’s watch. Here’s a look at the good and the bad, with the benefit of time as the judge, on his tenure here.

- June 8, 2006: Traded worst Raptors’ draft selection of all time, Rafael Araujo, to Utah in exchange for Kris Humphries and centre Robert Whaley. At least Humphries amounted to something.

- June 30, 2006: Acquired guard T.J. Ford and cash from Milwaukee for Charlie Villanueva. Were it not for that Horford foul, Ford might still be a productive Raptor.

- July 14, 2006: Signed free-agent guard Anthony Parker to a multi-year contract. Parker was a solid contributor throughout his tenure.

- July 24, 2006: Signed free-agent forward Jorge Garbajosa to a multi-year contract. Garbajosa, like Parker, was key to the early success but that unfortunate injury in Boston derailed his career.

- June 25, 2009: Selected DeMar DeRozan ninth overall in the NBA draft. You could argue he should have gone for a point guard — Holiday, Lawson, Teague, and Collison all went later — but DeRozan has steadily improved and continues to do so.

- Aug 18, 2009: Acquired Amir Johnson and Sonny Weems from Milwaukee for Carlos Delfino and Roko Ukic. Johnson has become an integral member of the Raptors and was arguably team MVP last season.

- June 24, 2010: Selected Ed Davis 13th overall. Davis would later become part of a package for Rudy Gay.

- June 23, 2011: Selected centre Jonas Valanciunas fifth overall in the NBA draft. Biggest reason on the roster right now for optimism.

THE WORST

- June 28, 2006: Selected Andrea Bargnani first overall in the NBA draft. It’s not so much the drafting of Bargnani that was the problem but the insistence of forcing him on his coaches when it wasn’t working.

- May 21, 2007: Re-signed head coach Sam Mitchell to multi-year deal. Colangelo and Mitchell were not a good mix but Colangelo was worried about the optics of not re-signing his coach of the year. It ended badly.

- July 11, 2007: Signed free agent Jason Kapono to a multi-year contract. Kapono was a skilled three-point shooter but nothing else and not worth the four-year $24-million he signed for.

- July 9, 2008: Acquired Jermaine O’Neal and the draft rights to Nathan Jawai from Indiana for guard T.J. Ford, forward Rasho Nesterovic, Maceo Baston and the draft rights to centre Roy Hibbert. The beginning of the slide.

- Feb. 13, 2009: Trade O’Neal, forward Jamario Moon and a conditional pick to Miami for forward Shawn Marion, guard Marcus Banks and cash. This deal eventually helped Miami create it’s big three.

- July 8, 2009: Signed forward Andrea Bargnani to a multi-year extension. Plenty of heartache to come.

- July 9, 2009: Acquired Hedo Turkoglu in a sign and trade with Orlando plus forward Devean George and guard Antoine Wright from Dallas as part of a four-team trade. Gave up forward Shawn Marion, forward Kris Humphries and forward Nathan Jawai as well as a future second round pick and cash.

- July 9, 2010: Sent Chris Bosh to the Miami Heat in a sign-and-trade in exchange for two 2011 first-round picks and a trade exemption. The franchise player walks.