Colangelo.   (Getty Images)
Bryan Colangelo is out but not totally out in Toronto. (Getty Images)

Bryan Colangelo is still with the Toronto Raptors, except not in the same role. 

The team announced Colangelo has been retained as team president but is no longer the general manager. Colangelo had his contract as president extended, but a replacement for him in his role as general manager will be named within 30 days, the team says. 

"We have a lot of work to do in this organization," Tim Leiweke, the new CEO of team owner Maple Leaf Sports and Entertainment, told reporters Tuesday. "We're not good enough. I believe Bryan can help in a lot of those areas."

Colangelo, who has been with the team since 2006 and won Executive of the Year honors in 2007, evidently fought hard to keep his role as the team's GM, but failed.

"Bryan's probably ticked off at me," Leiweke said. "There's no probably. He's ticked off at me. This isn't his perfect world, either. But to his credit, he accepts it."

Colangelo, 47, said he's "a little disappointed" in his new role.

"It's a unique situation for me to be in," he said said, "not an ideal situation, but I'm going to embrace it and make the most of it."

The Raptors haven't been to the postseason in five seasons and finished with a record of 34-48 record in 2012-13. 

So with Colangelo out as the basketball decision-maker, the attention turns to a replacement. Leiweke said he has about a half dozen potential replacements, including current assistant general manager Ed Stefanski. 

"There's no doubt that Ed is a very solid basketball man," Colangelo said. "I'd be happy for him to get a legitimate look at the job."

Another name popping up: Former Raptors assistant GM and current Nuggets GM Masai Ujiri. Via SportsNet, Ujiri is seen as a very serious candidate.

Leiweke also said the team is looking into rebranding, at least in terms of colors and logos. 

"We absolutely have had conversations about the color and the makeup of our brand, our uniforms and our image," he said. "To me, we should be all about the Canadian flag and Canada."