Thinking about something somebody said on the main board about Cleveland as a good landing place for Gay, and I'm wondering how the Raptors can take advantage of it. So here's my proposal:
I imagine Cleveland also giving up first-round picks to both Toronto and Memphis. Toronto gets the Cleveland pick with maybe top 5 protection; Memphis gets the Sacramento pick, which is roughly top 12 protected for the next few years.
Memphis gets some good pieces for a playoff run this year (particularly Calderon, who should work well with their bigs), and clear off a load of cap space. Between Gibson, Casspi, and Walton, they can basically have whatever they think will be the most use for them in the playoffs this year, with Toronto taking the others.
Cleveland gets two talented players who are at least on paper, well-suited to one another. With a core of Irving, Waiters, Gay, Bargnani, Thompson, and Varejao, all locked up for the next three years, they're in potentially good shape to take a big step forward.
Toronto gets a good young C to pair with JV in Zeller, Cleveland's potential lottery pick (finally, two Cs and two PFs), and get down under the cap for offseason flexibility. Leaves us thin at PG for the rest of the season and Casspi and Walton are basically useless to us except as expirings, but this basically gets us out from Bargnani's contract and ensures we get something useful from Calderon before he expires. (And depending on how things work out for him in Memphis, we can make an offer to Calderon in the offseason.) And we'd still have ample cap-space to make another move, once we amnesty Kleiza.