The best deal that Indiana could possibly hope for would be something like Tinsley straight-up for Mark Blount. I think that deal actually works under the cap. Maybe a second-rounder going one way or the other. Two unwanted players making too much money that no one wants to count on. *If* healthy, Miami could use some help at the point, especially if they don't bring back J-Will.
But, no one wants to touch Tinsley in large part because of that third year he still has, his contract extends beyond that magic summer of 2010. If it were JUST two years left, he might be dealable, since so many teams just want to clear space for that summer.
EDIT: If Indiana's looking for a fringe-starter type player, good luck! No one's going to give them anything of value at all for Tinsley, in large part because I don't think people believe Bird when he says he won't buy Tinsley out. The question I have - with Jamaal's reputation around the league, how much interest would he generate even at the veteran's minimum? I mean, the guy's got talent, but he's been First-Team All-Knucklehead every year he's been in the League.