(I'm not really prepared to discuss the trade in qualitative terms just yet. I mean, I have an opinion. A quite strong opinion. But I want to let it marinate before I go get myself arrested for something which could be considered a hate crime in California.)
If the rumored trade with New York is a part of this, bringing Jordan Hill and Jared Jeffries (with a pick), you can add about $9.7 million to the 2010-11 payroll, taking the team to a payroll of $43.7M (well out of max player range). Hill would add $2.9M to the 2011-12 payroll, and $3.6M to the 2012-13 payroll.
(Note: I made an edit -- removing Nocioni's 2012-13 salary -- after publishing this. Grasul correctly pointed out that season is a team option, one which Geoff Petrie would be insane to pick up. [I'll leave further jokes to you.])