Cleveland.
Bosh and Lebron have made it not secret they want to play together and I think they would both re-sign with the Cavs.
Bosh, Banks
for
Wallace, West, Hickson, 2009 first, 2011 first
Pavlovic and Kapano could also be involved if Toronto wants to save more cash.
I realize this isn't the best deal in the world for Toronto, but it is still a good deal (assuming they believe in Hickson as much as the Cavs do).
I don't think that Toronto gets enough here. They need a player with real potential back for Bosh. I'd think they could almost certainly get Beasley which itself is more than this proposed package.
I'm not sure Miami trades Beasley for Bosh, unless of course Miami can get an extension worked out before the trade.
Bosh would sign an extension to be in Miami with Dwyane Wade, as long as Wade also signs one, which I think would happen. And it's probably worthwhile to give up Beasley, a 20-year-old who may or may not develop into a true power forward and All Star, and may forever be a 3/4 hybrid one-dimensional scorer, to get a 25-year-old proven, bona fide All Star power forward, especially since Wade probably won't have a long prime with the wear and tear he's taken and taking.
While I agree Cleveland would absolutely love the trade proposed above, you have to give up some value to get a guy like Bosh and I don't think anybody outside Cleveland is that high on Hickson. Think of the Garnett trade. Garnett is much better than Bosh, but Garnett was 31 at the time of the trade, and Minnesota didn't want to pay him a ton of money for two more years. Bosh is 25 now, and Toronto wants to keep paying him; the risk is that he walks after next season. Minnesota got to save a bunch of money (one of their goals), got a potential future All Star big man in Jefferson, got a couple of young role players, and got a couple of relatively meaningless draft picks. All Cleveland is offering in this scenario is the expiring contract (which is not what Toronto wants - if they just want to save money, they can just let Bosh walk), the meaningless draft picks, and the role players. You're missing that potential All Star. And considering how much younger Bosh is, you have to include a really good young player.
So there's no way Toronto makes that deal in the offseason. Maybe if Bosh made it clear he wasn't staying during the season, Toronto would consider it midseason, but by that time, Wallace will likely be bought out so you'd have to make it Ilgauskas.
Say Toronto decides midseason to trade Bosh, I think its top priority would be bringing back a young big man with a lot of potential, secondary goals would be some draft picks and somebody taking on the contracts of Kapono and Banks. That comes out to $26,456,872 in outgoing salary. The team trading would have to send, then, somewhere between $21,200,000 and $33,000,000 in contracts back.
Cleveland's offer of Ilgauskas, Pavlovic, West, Hickson, cash and (late first round) draft picks works numbers-wise, but doesn't give them a top-notch player. It's basically West, Hickson, about $7.5 million in savings, cash, and two likely late-first round draft picks (since sending Bosh to Cleveland probably guarantees both Lebron and Bosh stay there and win a lot of games every season).
Miami, meanwhile, can offer Beasley plus Jermaine O'Neal, better draft picks (including Toronto's own top 10 protected 2010 first rounder), and cash. The Raptors get maybe about $2 million less in savings, but they actually get a young potential star player, who can play the 3, letting Bargnani play the 4 and opening up room to bring in a center, or can play the 4 alongside Bargnani or a true center in a smaller lineup. Alternatively, Miami could send Mark Blount, Udonis Haslem and Dorrell Wright (all expiring contracts) instead of O'Neal, and Toronto gets a little bit more savings than they would've gotten from Cleveland in addition to the star and picks and cash.
In the second scenario, Miami ends up with a lineup of Chalmers-Wade-Jones-Bosh-O'Neal, with Cook, Kapono, and Banks off the bench, plus whatever big man they sign this offseason (whether they make the trade or not, they need to pick up another big man). Thing is, even if they don't include Beasley, they can probably offer a deal about as good as what Cleveland can offer. So while Bosh could end up in Cleveland by free agency, he won't be there next year.
By the way, do you realize Miami, one of the best free agent destinations in the NBA, has NO money committed in salary past this season? They'll pick up options on Beasley, Cook, Chalmers, and probably James Jones, but even then, that's only $8-$12.6 million (depending on Jones) - leaving more than enough to resign Wade and bring in any other player who wants to switch cities.