Make sure the trade is confirmed by the ESPN Trade Machine. Also remember free agent signings from this past off season can be traded on March 1st.
(Gray can be traded after March 1st)
ATL: Barbosa, Gray
TOR: TPE from Lakers, 1st round draft pick from ATL
(remember, Hinrich is now on LAL)
TOR: Hinrich, 1st round draft pick from LAL
(Shawne Williams to Milwaukee or Toronto for money purposes only - he is an expiring contract)
MIL: Farmar, Ed Davis, Shawne Williams, two 2012 first round picks from Toronto (Atlanta and Los Angeles)
NJ: Stephen Jackson
TOR: Brandon Jennings
Trade 1: Atlanta gets better with a big and a scoring guard similar to Crawford. Both are expiring so it keeps financial flexibility for the Hawks.
Trade 2: Lakers realize they are not getting Howard and shore up the PG position. Imagine Calderon orchestrating with Kobe, Pau, and Bynum.
Trade 3: Dwight wants to play with Jackson (supposedly) this helps NJ's cause come free agency this summer (unless they trade for him first). Milwaukee, statistically, is actually better with Jennings off the floor. The Bucks lose Jackson (his attitude and contract), they get another very good PG in Farmar (check his stats of late, I know he is on a bad team), and 2 later 1st round draft picks in a deep draft (giving them 3 in total). Toronto gets the PG of the future.
Putting it all together:
Payroll would be around $40.2M heading in to the off season. Raptors could look at re-signing Gray, Barbosa, and Hinrich plus 2nd round pick to round out the roster. That should leave them around $52-55M and with more than enough flexibility to resign Jennings, JJ, and DeRozan to extensions without going in to the luxury tax after the season (or before the deadline to extend).
PG: Jennings, Hinrich
SG: DeRozan, Barbosa, Forbes
SF: insert 2012 draft pick, JJ
PF: Bargnani, Amir, Kleiza
C: JV, Gray, Alabi