Portland/Toronto

Blazers Trade:
Josh Smith

Raptors Trade:
JJ Hickson
JR Smith
2012 TOR 1st top 3 protected (if it does not convey, becomes an unprotected 2013 TOR 1st)
Right to swap 2014 TOR 1st with 2014 POR 1st
2015 TOR 1st unprotected

Toronto Accepts

PROCESSED.

Trail Blazers: Outgoing = $12,180,000 / Incoming = $11,854,537¹
Raptors: Outgoing = $11,854,537 / Incoming = $12,180,000²

Notes:
1) Since the Trail Blazers are already operation as an under-the-cap team for 2011, they do not generate a trade exception.
2) Raptors taking back more money than they're bringing in, officially hard-capping them at the 1st Apron for the 2011 season.