To Phoenix: Greivis Vasquez
To Toronto: a pick of some kind
Why Phoenix does it: assuming they don't want to tank with Bledsoe down (and they probably don't) they need a second point guard for the rest of the season. Vasquez still has upside, is an RFA this year (which gives Phoenix flexibility going forward whether they want to keep him or let him go) and they have a wealth of picks to give away - this would probably be either Indiana's first-rounder this year or the 2015 Lakers pick.
Why Toronto does it: if they decide Vasquez isn't working out... hey, a pick.