Probably not, but they will have a decent selection. Think about how many good to excellent players signed short-term deals this past round of free agency. Some of those guys are going to be willing to take Toronto's money next year, or the year after.
I think the Celtics have shown that you can do a solid rebuild without bottoming out completely (they got lucky with the Nets' heist, but even before those picks drifted up towards the top of the draft, they were doing OK), and that might be what Toronto is shooting for after this season.
I don't think Toronto has the type of fan base that will scream for titles, but they do have a fan base that will offer strong support as long as the team is solid. That might mean more motivation to remain middle-class, something many NBA teams are now trying to avoid (as a lot of GM's see it as more helpful to be awful for a few years and get picks near the top of the draft). 70 million in cap space, if used wisely, can easily keep a team in the playoffs if there's a decent foundation to build around.