By now you’re likely all aware of the Raptors’ renewed interest in Rudy Gay and their reported willingness to include Jose Calderon and Ed Davis in a trade for Gay (in addition to making Kyle Lowry and Andrea Bargnani generally available). You can find my latest thoughts on the reported framework of that deal here, but for now, here are a couple of updates to consider…

The most talked about Raptors news/development today – other than the Rudy Gay rumours themselves – is Adrian Wojnarowski’s tweet that the Raptors are looking for and “struggling to find” a third team in their potential trade to jettison Calderon off to. Wojnarowski added a bit more on twitter:

Later on Tuesday night, however, Woj reported that finding a third team to absorb Calderon’s expiring contract is “the final hurdle” in the Grizzlies moving Gay to Toronto, so while not imminent, the deal may still be closer to happening than a lot of us want it to be.

In addition, most of Bryan Colangelo’s big trades in Toronto (Jermaine O’Neal, Shawn Marion, Kyle Lowry, etc.) have been rumoured for a while before going down, so it’s not like he has the Alex Anthopoulos reputation of getting things done quietly where you can say “if it leaks, it probably isn’t true.”

Jose would seem to be a perfect fit in Memphis with Zach Randolph and national teammate Marc Gasol in the Grizzlies’ slow, deliberate offence, and as an expiring contract, it wouldn’t matter that they’re paying a lot for a backup to Mike Conley. On the other hand, Jerryd Bayless has been playing well for them off the bench and perhaps the Grizz don’t feel they need to be paying Calderon at all and would rather stick with a Conley-Bayless combo.

Whether it ends up being Memphis or a third team as part of a Rudy Gay trade or just another team in a yet unknown trade possibility, I still feel like there has to be a taker for Calderon’s expiring contract out there somewhere. The obvious question revolves around what kind of value there is for said expiring contract around the league, and how that value compares to the Raptors’ perceived value of Calderon.

A smaller development the Tuesday night Wojnarowski report revealed is that the Grizzlies apparently want Terrence Ross, but that the Raptors have “deemed Ross untouchable in these talks,” so I suppose that’s some small consolation for those of us who feel trading Ed Davis to acquire Rudy Gay would be short-sighted.

The other minor development I wanted to touch on involves Kyle Lowry. If you recall my post about the point guard saga on Monday, I mentioned Ryan Wolstat’s tweet from the weekend about their being “a split in (the) organization” between Lowry and Calderon, and was curious to know the root of the divide. Was it between coaches and management? Between Colangelo and Stefanski? Between management and ownership?

Well according to Zach Lowe over at Grantland, who covered the Calderon/Lowry debate earlier this month, the divide is between management and the coaching staff, and it’s the front office who “prefers Lowry.” If that’s the case, then a trade involving Calderon only becomes more likely.

As I’ve mentioned recently, you can probably expect a lot more reports, rumours and endless “developments” leading up to the trade deadline over the next few weeks. So buckle up, and make sure your B.S. detector is fine tuned.