So after thinking about this for...longer than I'd like to admit...this is the 'third team facilitator' trade that makes, I believe, the most realistic sense.
Toronto gets: Rudy Gay and Tony Wroten
Memphis gets: Ed Davis and Shawn Marion
Dallas gets: Jose Calderon and Alan Anderson
I think this is a pretty fair trade for every team involved. Hollinger would love it for the net PER benefit; Dallas gives up a solid but aging SF for a slightly less solid, cheaper SF and a solution to their PG problems; Toronto gets their man, and a stop-gap replacement for Calderon; and finally, Memphis gets the salary relief they were looking for while upgrading their defence and not significantly hurting their playoff chances (imo).
It checks out on Trade Machine if you were wondering:
http://espn.go.com/nba/tradeMachine?tradeId=byrjpss