The Raptors and Heat are "progressing" toward a sign-and-trade arrangement to facilitate Chris Bosh's desire to join Dwyane Wade in Miami, a person with knowledge of the talks told CBSSports.com Wednesday night.
The most likely scenario, according to the source, would send draft picks and massive trade exception to Toronto -- but not Michael Beasley. The former No. 2 pick, whom the Heat want to trade to create more cap space for a third max signing as they try to lure LeBron James, has been included in some of the potential deals discussed. But Toronto has been decidedly cold on the notion of taking Beasley in a trade for Bosh.
"It's not likely," the person with knowledge of the discussions said.
The Raptors would get back the 2011 first-round pick they previously traded to Miami, plus additional future picks and a trade exception they would then use to acquire a player without sending back comparable salary. The Heat only have one other player on their roster to trade, point guard Mario Chalmers.
Sending Bosh to the Heat in a sign-and-trade would allow the Raptors to get back some assets rather than lose him and get nothing in return. For Bosh, such an arrangement is worth an additional $30 million if he signs for the max -- although both Bosh and Wade said Wednesday they're not opposed to taking less money if it meant fitting James into the Heat's cap space, which now stands at $31.4 million after the NBA announced a higher-than-expected 2010-11 cap of $58.044 million on Wednesday.
If the Heat and Raptors can't agree on a sign-and-trade, Bosh would be faced with accepting a contract from the Heat of only five years in length (as opposed to six) with 2.5 percent smaller annual raises.