TORONTO - The Toronto Raptors will have the No. 5 pick in next month's NBA draft.

The Raptors had the third-best chance of winning the draft lottery based on their third-worst record in the league before falling to fifth.

The Cleveland Cavaliers won the top pick.

Raptors president and general manager Bryan Colangelo, who agreed to a multi-year contract extension with Toronto earlier in the day, represented the team at the lottery.

The Raptors had a 15.6 per cent of winning the lottery after finishing 22-60 this past season.

The Raptors won the lottery in 2006, beating big odds to move up after finishing fifth-last in the league.