Magloire's contract is not guaranteed this year, he has to earn a spot. To my knowledge he hasn't played in any of the 3 games. He doesn't have much left in the tank but he can take and give a pounding when called on. He gets veteran's minimum so he doesn't eat up a lot of cap. I think he is a pretty good team guy. Whether they will keep him on for those reasons or they see something else, is anybody's guess.
I don't think they're going to be keeping Magloire, he's not listed under their 2012-2013 roster on the Raptors website, and not even listed as a player on the main NBA page, my guess is that if he doesn't make the Raptors this year he'll be out of the league since no other team will likely sign him. If nobody wants to sign T-Mac and he has to go play in China, I doubt anyone will sign Magloire. He had a decent career with 1 all-star appearance, so he should be proud as a guy coming out of Toronto.
Anyways, here's who I think the final 15 will be:
4 Quincy Acy F 6-7 225 10/06/1990 Baylor/USA R
6 Alan Anderson F-G 6-6 220 10/16/1982 Michigan State/USA 3
7 Andrea Bargnani F-C 7-0 256 10/26/1985 Benetton Treviso/Italy 6
8 Jose Calderon G 6-3 211 09/28/1981 Tau Ceramica/Spain 7
32 Ed Davis F 6-10 232 06/05/1989 North Carolina/USA 2
10 DeMar DeRozan G 6-7 216 08/07/1989 USC/USA 3
2 Landry Fields G 6-7 215 06/27/1988 Stanford/USA 2
34 Aaron Gray C 7-0 270 12/07/1984 Pittsburgh/USA 5
15 Amir Johnson C-F 6-9 210 05/01/1987 Westchester HS (Los Angeles, CA)/USA 7
11 Linas Kleiza F-G 6-8 234 01/03/1985 Missouri/Lithuania 6
3 Kyle Lowry G 6-0 205 03/25/1986 Villanova/USA 6
5 John Lucas III G 5-11 165 11/21/1982 Oklahoma State/USA 4
1 Dominic McGuire F 6-9 235 10/20/1985 Fresno State/USA 5
31 Terrence Ross G 6-6 195 02/05/1991 Washington/USA R
17 Jonas Valanciunas