Looking around the league there are rumours of Golden State wanting a star SF. GSW could provide the 7th pick, Klay Thompson, and Dorrell Wright. Unfortunately the numbers would not work and another contract would have to be added to make it work: the options would be Andris Biedrins ($18M, 2 years) or Richard Jefferson ($21.2M, 2 years). Jefferson creates a backlog at SF (and an expensive one at that) with still no backup PG or C. Biendris provides a backup C but one who averages 1.7 points and 3.7 rebounds in 16 minutes but shoots 11.1% (no mistype) from the FT line.
The Grizzlies would quickly find themselves in the same situation they are already in given their owner is refusing to go in to the luxury tax. Wright is only on the books for one more year.
If the Grizzlies were willing to take on Biedrins or Jefferson and the Warriors were also including #7, Wright, AND Thompson, then what they can offer is a better deal in my opinion. If it was just #7 and Wright, then Toronto's (fictional) offer is better in my opinion.