Bos: Calderon + Gray
Mem: Ross + Terry + A. Johnson
Tor: Gay + Bass
Memphis sends out 16 mil and gets back 13. That saves them 3 mil this year and even more in the future (since Gay's deal goes as high as 19.5 mil).
Memphis also gets a solid wing prospect (at the 2 or 3) in Ross, a veteran bench shooter in Terry (something they really need), and a solid young rebounding / shot-blocking big who's reasonably paid (another need).
Bos sends out 11 mil and gets back just over 13 -- both expiring deals.
Bos gets a point guard and a somewhat serviceable backup center while also getting out of some long term money and not giving up future assets.
Tor sends out 21.5 mil and gets back 22.5 mil.
I don't think that gives Memphis enough savings. The guys they get back are all on three year deals, just like Gay.
Why would Memphis do the above deal, and not just Gay for Calderon straight up?
Because Memphis isn't looking to outright tank this season, I don't think.
I would imagine they still want to compete. Hence the allure of getting 3 valuable players including a rookie who could develop into a very solid starter.
Also, I'd point again to the fact that Gay's deal isn't just the 16 mil he's making this season. It increases substantially in each of the next two seasons. So the savings increase over time even though they're taking on 3 year deals. From what I understand, Memphis isn't just slashing and burning salary at all (on court) costs. Rather, they want to make sure they stay under the luxury tax. Dealing Gay for a handful of cheaper deals that won't ramp up in cost over the next 2-3 years accomplishes that.
Moreover, the smaller a deal is, the easier it is to move. Nothing stopping Memphis from going ahead and trading away Amir Johnson year or the year after that. Terry perhaps will be harder to move until the last year of his deal. But I think other teams are probably aware of the fact that part of the reason Terry has struggled this season is team fit.
I don't think other teams are quite as down on Terry's value as people here in Boston are. Similar to the way Jamal Crawford still drew a lot of interest this summer even though he had an awful season in Portland last year.
Point being, Terry could easily recoup some of his value if he has a good playoff run this season, making him even easier to trade in the off-season or next year if they want to cut salary further.