Would the Raptors make this trade?
Let's separate all of the chaos happening for the other three teams, and simply isolate what is happening for the Toronto Raptors:
The Raptors were hoping when they traded for Bruce Brown to flip him for a solid first-round pick by the Trade Deadline. That deal didn't materialize, and Brown had a rough second half of the season in Toronto. Recouping anything of value for Brown at this point would be a bonus.
For Kelly Olynyk, the Raptors traded a late first for Olynyk and Ochai Agbaji, seeking out Olynyk specifically to be a positive veteran piece around their other frontcourt players. His shooting and skill as the backup 5 were prioritized enough by Masai Ujiri and the front office that they also extended his contract for another two seasons.
Surely for the right price, the Raptors would move on from Olynyk. Is this the right price? Chris Paul could elect to stick around in Toronto, but more likely he would need to be either flipped to a contending team or bought out so he could sign elsewhere. Having Paul on the team as the backup to Immanuel Quickley would be a significant boost to the Raptors both on the court and as a mentor to a young roster; it's unlikely Paul will want to spend a year not contending, though.
What about the draft return here? If the two pick swaps were entirely unprotected, this would be an obvious move to make. The Warriors' core is likely going to make two more swings before calling it quits as a team trying to win around Stephen Curry, which means the 2027 draft could feature a Warriors team either without Curry, Draymond Green and head coach Steve Kerr, or that has a post-prime version of those players no longer able to lift a losing team. Those swaps could be money.
If the swaps are significantly protected, however, they become less desirable. Pick swaps can't merely roll over if you have traded the picks in-between, so if the picks are Top-10 or lottery-protected it eliminates the upside. If unprotected, this would be a slam dunk move; if protected, this one is more likely a pass.
Grade: A- if unprotected // C if lottery-protected