Toronto as an option
On the one hand, it makes sense. The Raptors are a veteran team that won 59 games last season. The team already upgraded this summer by sending DeMar DeRozan to San Antonio for Leonard.
Even without Butler, the Raptors project to be one of the best defensive teams in the NBA next season. The addition of Butler would give the Raptors two of the best perimeter defenders in the league.
Butler previously tried to recruit Kyle Lowry to come play with him. Leonard is one of the hardest working players in the entire Association. When healthy, he is a top-five player in the NBA. There should not be any issues with work ethic or commitment to winning.
The trio of Butler, Leonard, and Lowry would give the Raptors a core that could legitimately challenge the Warriors. However, the question is at what price?
There have been a number of trade proposals involving the Raptors. Butler makes $20.4 million next season. The Raptors have a few different options to build a trade package. For salary matching purposes it makes sense to start with Serge Ibaka or the combination of C.J. Miles and Norman Powell. However, none of these players are good enough to pry Butler away from the Wolves.
The Raptors would likely need to add one of their young forwards; either OG Anunoby or Pascal Siakam. It is questionable whether that is even enough. The team may also need to throw in a protected first round pick. Since the Raptors sent their 2019 pick to the Spurs in the Leonard trade, they cannot send out a first rounder before 2021.
Talent-wise, this package may be enough to get Butler. But does it make sense for the franchise long-term? Masai Ujiri has a difficult job. He needs to put the best possible team on the floor next season. He also needs to plan for the future.