The hope, for Larry Sanders fans, should be that Bayless can be combined with Bogans, Smith, and Babb to bring back Sanders for draft considerations. If you're not a Larry Sanders fan, I suppose this can be your fear.
Is this even possible? I know that Sanders is a knucklehead but he's the type of rim protector ("Uh..Beavis...you said 'rim protector'") that we need. Combos of Rondo/Smart/AB/Green/Sanders would be pretty nasty on defense and maybe they get some offense out of Thornton/Sully/KO.
Possible? Sure. He makes $11 million this year, and Bogans, Babb, Bayless and Johnson combine for about $10 million. So the salary works. I'm sure there's some number of draft picks that Milwaukee would go ahead with this deal. I don't see it happening, at all, that's why I called it a "hope". But it's possible.
EDIT: Now, if you really want to get creative, and Milwaukee (and Bayless, since his contract would be changing) is up to it, you could send them Bogans, Bayless, Babb, and Johnson and a pick for Sanders in one deal, and send Zeller in a separate deal, which they absorb with their trade exception. (Zeller cannot be traded for 2 months in a deal where his salary is aggregated to match another salary, but in this case, it wouldn't, since he fits into the Bucks' TPE).