I did note that the pick would have to be top 5 protected for that matter they would prob top ten protect it. That would push it off t a 2013 or 2014 1st. Toronto has said they are interested in trading caleron and bledsoe is a good very young pg prospect.
Bledsoe is definitely not worth a Toronto first rounder in any of the next three years. It'd be a trade with a terrible risk involved for Toronto. Not only would they be betting on a guy who has shown frankly quite little that would prove he can be an elite PG, they'd be giving up a potential top 5 pick in a few years to make that bet. If they didn't protect the draft pick severely, it would have a great chance of backfiring on them.
Now, if they were to place some sort of steep protection on it, Boston would have seemingly little incentive to take the trade unless they really want to gamble on the league for the next 5 years or so. Either they'd get a crappy draft pick when the Raptors turned the corner, or they'd get lucky. With the talent that Toronto is likely to find in the next few drafts, it'd be a very risky move.
Basically, in either scenario for the Raptors pick, it becomes an unrealistic gamble for a team to make, in my opinion.