It's a total failure by NO to acquire something meaningful with their biggest trade asset.
If anything, it looks like NO made this deal to acquire their PG of the future.
NO made this deal to get under the luxury tax...and getting a quality 3rd guard, who can play PG or SG is just a bonus. It was a money motivated move by one of the cheapest owners in the league.
With that said, it absolutely helps them, and given that there is no chance they were going to take on future salary in exchange for that contract, Demps did well to get two guys who should be upgrades in their rotation. Andersen should be at least their 4th best big, and probably 3rd, and of course Jack is a major upgrade over Bayless.
Anyways, on topic, I don't think Toronto is going to buy out Peja. They could use him, and he should fit in pretty well up there. But, if they do, I hope Danny would go hard after him.