From what I know, Toronto is probably the most realistic trade partner.
The only realistic deals I could see going down would be:
Calderon, Davis, #8 for Gay, Pargo or Cunningham
Wright, Biedrins, #7 for Gay, Pargo
That's if the Grizzlies are attempting to trade into the lottery. Realistically, I think the team would be looking to get a mid lottery pick and hoping for either Lamb or Barnes.
The Toronto deal may be the best one because it gives us another playmaking on the perimeter who can shoot (he also has the Spanish connection with Marc), a young big man with upside and the 8th pick. This puts the pressure on Hollins and ZBO to do well in the 2012-13 season and if the team doesn't meet expectations, I expect both of them to go.
ZBO would more than likely be moved to free up more space. Calderon will be a FA and Davis will have $3M team option that we wouldn't pick up or trade him if he doesn't perform well.
The trade sets the team up perfect to stay in contention this season (if ZBO returns to old form and our role players improve) and be in great shape the next off-season if we decide to make a few changes.
There's also a good chance the team stays pat. I think the core does deserve another year to try and remain healthy. But, if they have a chance to fill needs, get more upside, gain flexibility and remain competitive, I'll take a chance on it.