Unless (a) Lowry is S&T for Bosh and/or (b) Lowry, Bosh and Wade take BIG paycut they can't just trade him for Cole and picks.
Even if they opt out, Wade, Bosh and Lebron count as cap holds of ~$60M (of a $68M cap) until they resign.
All that said if Lowry said to me as GM of TOR "I want to sign w MIA" I'd say "OK... See ya". There's no way I'm helping my conf rival get better.