I think that this trade would work from a sign and trade perspective as both teams would be under the cap after the trade.
The T-Wolves this season also have three first round draft picks.
Their own plus the Bobcats 16th and the Jazz 23rd
So they could toss either the Bobcats or Jazz pick in along with Jefferson. I doubt that they would throw in their own first round pick.
I would not recommend this as a first choice sign and trade. But if BC can't find another team to do a Bosh sign and trade with the T-Wolves would probably go for this and it would be better than just losing Bosh to free agency if he doesn't want to return to the Raptors.