This morning I came up with the following Raptors/Gay trade:
http://espn.go.com/nba/tradeMachine?tradeId=ap3f96f

Toronto gets Gay and Gortat
Phoenix gets Bargnani and 2nd rounder (from Toronto)
Memphis gets Reddick, A Johnson, 2nd rounder (from Toronto)
Orlando gets Fields

For Toronto I got the idea from the Matt Moore piece on RR last week. He suggested a trade of Gortat for Bargnani and I think Gortat would be a really great big to have in the line up to help JV become a better player.

Memphis needs to shed salary (this way they save $4.3M thus getting them below luxury tax this year), and get a shooter which they need. If Reddick does not resign they save an additional $6M once his contract goes off the books.

Orlando does a lateral move by swapping Reddick for Fields. Fields is younger and can play SF which is perfect since Turk is a pile of poop. Orlando would not get cap relief if Reddick doesn't resign but they would not be a free agent destination anyway.