I would be shocked if Toronto tries to swing Peja in another deal. They already have about $12 million remaining on the Bosh trade exception if they want to make a deal to bring in a quality player. And I don't see them using that AND Peja, because it would mean adding a ton of salary.
Yeah, after thinking about it some more, I would have to agree.
I got the Toronto feed for the game, and they showed a clip of Colangelo commenting on the trade. They like Bayless, and the cap flexibility going forward. Peja's name never came up.
So, they probably keep Peja and let him expire, or only deal him for other expiring money (or very little future payroll). Perhaps they can help broker a big deal for other teams (Melo?).
With the Bosh TE, though, I think Colangelo has the opportunity to make some moves to improve the club. TOR can use that, bit by bit, to absorb payroll from teams looking to get under the luxury tax (Utah and Denver, for instance), perhaps netting draft picks or young prospects in return.