Who is the older basketball player in the recent Coca Cola commercial
who hands his grocery bag to the young player as he makes a move
around him to dunk?  I have looked everywhere online and can only find
that the commercial is titled "Legends."  Other than that I have found
nothing aside from people discussing it on message boards but never
really discovering the answer.

First, I don't know basketball, but I know that ...
http://www.randomthinks.net/rtblog/2005/03/need_your_help_.html
Thinks it may(not) be James Worthy
http://www.nba.com/lakers/history/retired_numbers_010918.html

Apparently this site also says that CocaCola can't release the name
without permission? (what?)

Actually, this seems to be a big debate. Those who seem to guess say
James Worthy. Those who seem to "know" say it's not him.

The kicker is that the youngsters call the elder player the "Rooftop",
which, unfortunately causes all sorts of problems in search engines
because "Rooftop Basketball" is in itself a popular phrase.

For those who are curious, Coca-Cola commercials are available ...
http://www.coca-cola.com/usa/tvcommercials/index.html

This is a free comment from one who is not a Google Answers researcher.

I BEWLIEVE THE ANSWER TO YOUR LEGENDS QUESTION IS NIGEL MIGUEL, A
GRADUATE OF UCLA IN THE MID 80'S.

I'd place my bets on ljp57's answer of Nigel Miguel.  This picture
provides support in addition to the speculation on various sites:

"Welcome to Real Indie Film Making... With a Twist"
HuiMusic
http://www.huimusic.com/news/aug/poi2.htm

It is Nigel Miguel. 
http://www.azcentral.com/arizonarepublic/sports/articles/0331p2main0331.html
will give you the information you need.

Yes, it's Nigel Miguel.  Here's a good article about him and the commericial:

http://newsobserver.com/sports/preps/stevens/story/2286860p-8665847c.html