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Key was waived by the Raptors on Saturday, Blake Murphy of Sportsnet.ca reports.
Key received a training camp deal and was competing for a spot on the roster. The 27-year-old appeared in five preseason games for Toronto, averaging 8.2 points across 11.8 minutes per contest. Assuming Key doesn't get claimed by another NBA team, he might remain in Toronto with Raptors 905.
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