A more likely trade would be Bosh, Hedo, and Calderon for Williams, Jamison, Hickson, Powe, West, Gibson (or Telfair depending on all salaries), and a first (or two).
Cavs would then be a clear favorite with a rotation of Calderon, Parker, James, Bosh, Shaq, Hedo, Varejao, Z, and Moon plus whatever free agent they signed with the MLE.
Toronto would get rid of unhappy players, save long term cash, get a very nice prospect in Hickson (perhaps two if Powe can come back from his injury), a draft pick (or two), plus a solid player like West, not to mention some name value in Jamison and Williams.
Obviously not the best trade in the world for Toronto, but it does accomplish some goals they would have this off season. Plus I'm sure if it came down to it and Toronto really wanted Varejao he could be swapped in for Jamison or Williams.