Ray is not exactly young at 32, but at least had a decent season last year. The problem I see is Ray's salary cap hit being pretty high and the Argos still needing some decent receivers to throw to. No doubt the Argos would have been better last year with Ray instead of Cleo "the Party" Lemon, but Lemon was no doubt cheaper too. Maybe new Argo coach Scott Milanovich can do something with Ray.
I'm not sure how I would feel as an Eskimo fan. Many probably thought that Ray is no longer good enough to take them to the next level. I'm not sure Steven Jyles is the guy to do that, although his cap hit is likely less, allowing the Eskimos to sign some better free agents or retain their own.