Summary
Eubanks won't wow anyone, but he provides solid backup center play on both ends. He can provide some rim protection, and has a good feel for where to be on defense. On offense, he's not an elite lob threat and he doesn't stretch the floor, but he has nice hands and finishes well inside. He also rebounds well on both ends of the court, having an above-average offensive and defensive rebounding rate for his position, according to Cleaning the Glass.

He may not be someone that you want getting heavy minutes when the games matter the most, but he can provide solid backup center minutes during the regular season. Ideally, you would probably want a power forward that you can play at backup center and push Eubanks to the third center or fourth big position when you get to the playoffs, but I think there are a good amount of scenarios where Eubanks could fit in that role.
 
Cap Considerations
Eubanks was waived by the Raptors after being included in the Thaddeus Young trade. While he signed multiple hardship exemption contracts with Portland, he never signed a standard NBA contract. Therefore, the Blazers won't have any form of Bird Rights on Eubanks, who will be an unrestricted free agent. 

Teams will have multiple ways to sign Eubanks as even teams without cap space could possibly use any of the Non-Taxpayer MLE, Taxpayer MLE, Room MLE or Bi-Annual Exception to sign him. It's also likely that Eubanks only gets minimum offers, and may only get non-guaranteed offers.