The only way New Orleans does a Paul trade is if they are desperate to save money and save some face in the same move.
NO's worst contract by far is Peja. Thus if NO is desperate, they may do a Paul+Peja for Giddens Ray and Rondo. Rondo will be cheaper than Paul, they save 5.5 million right away and have 22.5 million off the payroll for next season, having learned their lesson that they can't overbid for guys like peja. If that's still not enough, you can throw in Scal, tony and pruitt to take back Posey's long term deal.
So Rondo, Ray, Scal, Tony, Pruitt, for Peja, Paul and Posey would save new Orleans 6 million right away and 34 million the next season plus the extra 7 million the following year from posey. It really allows them to start over based around good, cheaper players like West, Rondo, and Wright.
But again, there's no way to make a trade for Paul that is "fair," talent wise. On the other hand, the Memphis Gasol trade was ridiculously unfair in terms of talent. So if New Orleans was desperate to shed payroll, this could work.