Well, Payton was actually still a nasty player when he was traded for Allen. He was coming off an All-NBA Second Team, and averaging 21, 9, 5 and 2 steals the year the trade went down. Milwaukee also got Desmond Mason, who at the time was a 25 year old Sixth Man averaging 14 points, 6.5 rebounds and 2 assists. So it was pretty good return actually.
But aside from that, I don't see the chip being that valuable. Very few teams are going to be making runs at the James/Bosh/Wade trio - New York, New Jersey, Cleveland, Toronto, Miami, maybe one or two others. So, most of the teams mentioned, including Milwaukee, are not gonna bother, not to mention they're not going to be looking to trade established good players. They're going to need those players in place as an incentive to draw those All-Stars with the chance at a ring. If it's just money, they can get more staying with their teams. So Atlanta trading Joe Johnson or Milwaukee trading Redd might help their cap room but would ruin any chances they had to get one of those free agents. Realistically, you're looking at a guy like Vince Carter as somebody you could get. Unless Miami is convinced Wade is going to bolt and gives him to Boston for Ray and a couple of young guys we have. But that's pretty doubtful.