Bledsoe's first-year of a max deal would be $14.746 million, same as Hayward got. Because the Timberwolves would be under the luxury tax after the trade, they could take back 150% + $100k of what they send out in salary, and so would need to send $9,764,000. It's a little difficult for them to get there. Logically if they're taking on Bledsoe they're trading Rubio. Rubio and Budinger are $9,660,479. If it were those two for Bledsoe, Bledsoe's first year salary would be $14.59 million -- about $150k less than max. I don't see the Wolves sending out Pek, and while Martin would allow Bledsoe to get that final $150k, I don't see the Suns taking on that extra year of his salary. Budinger has the highest salary of the expirings (Barea and Brewer being the other options).
So yeah -- my predicition would be Rubio and Budinger for Bledsoe. Maybe there would be draft picks going one way or the other, but perhaps just changing the protection on the pick currently owed to Phoenix by Minny. This would let Bledsoe sign for 4 years, $62.3 million, which should be close enough to max ($630k less over 4 years) to get a deal done.
Edit: Loose Cannon beat me to the punch.