At this point, it looks like the Gay deal is dead, Gasol is a total dud this year, and Cousins is staying put. I think one of the few plausible, realistic deal possibilities remaining for the Raps is the one below:
To Indiana: Bargnani and Calderon
To Toronto: Granger, Hansbrough, and Hansbrough
Why it works for Toronto: we get a potential stud SF, and he's only on contract through next season, at which point he'll be 31, T Ross should be ready, and Lowry will have to get re-upped. T Hansbrough brings a gritty presence off the bench at the PF spot.
Why it works for Indiana: they get help at the PG spot which they're looking for. They get an offensive big which they need. They are also very strong defensively already so they can hide Calderon and Bargnani's defensive deficiencies well. Indy needs more offense badly and both Jose and Bargs give them that in spades. Finally, they've got Jose's expiring contract which gives them flexibility moving forward.
I really think this trade helps both teams and I love it for the Raps.