We could take back IT in a trade for Bledsoe, and then we could move him at the trade deadline to a team needing playoff help.
Which would mean the Cavs got Bledsoe and Zizic for Irving? I assume you're including the Nets pick in the package they send to us. We can get more than just a player to try and flip elsewhere for a return for Bledsoe, if you're not including the pick. We might as well hold onto him if that's the case. There's no telling what IT would get in return around the deadline but it would require him to play for a couple weeks if we wanted anything of value.
If IT was 2 years younger or had 1 more year on his deal, I'd actually be open to a Bledsoe/IT swap. It would be a gamble but one worth taking IMO. I've been thinking about it a lot since reading your post and thinking about all of the angles to it and it's intriguing. However at his age, with his injury, it's not worth the risk as things are. Like I said, if he had 1 more year under contract though it'd be different. Then we could see how he meshed with our core group of youngsters, how he looks after his injury, and also know what we could trade him for. That would give us enough time to evaluate things more. There's a chance he could do for us what he did in Boston, take a young team that most thought was a few years away from contending or being a playoff team and push them into the playoffs and turning them into contenders in the East. He accelerated their timeline by a few years. If he signs a 5 year max, like he wants, he'll be 33 when it's over, so he should be good through the first 3-4 years of that deal, being in his prime right now. By the time he starts to decline on the court he could hand the keys of the team to Booker, who should be entering his prime at that point. Could those 2 coexist in the meantime though? That is what makes it difficult to decide.
As is we'd only have a small window to figure out what his future would be. If we swapped Bledsoe for him he'd have to play before any team offers anything of value to rent him for the postseason. We'd have a couple of weeks and handful of games to figure out if it was worth it to gamble on keeping him for max money or trading him for whatever we can get. Since he'd be a 3 month rental coming off of an injury, I can't see that being much. We could let him play out the year with our team, which would effect our draft positioning, to see if he meshes with Booker and could do for us what he did for Boston, accelerate the timeline. He's a star but is he the sort of star we should attach ourselves to in hopes he leads us to the playoffs and contention?
Whoever signs him to the max is stuck with him for 4 years because he's not going to be able to be traded easily while making that sort of money. For whatever reason he's one of the most undervalued stars in the league. I know his size is an issue but there has to be more than that because he's been successful despite his size. Last year he was 2nd team All-NBA, an All-Star, led the league in 4th quarter scoring, was 3rd in PPG, and was the best player on the #1 seeded team in the East. He also finished 5th in MVP voting but should have been 3rd, ahead of Lebron and Kawhi. It wasn't just a great year either, he's been All-Star since he went to Boston and led them to the playoffs all 3 seasons he was there, which no one expected. The team was 21-32 when they acquired him in 2015 and they finished 40-42 and made the playoffs while going 19-10 with him there. He was good here in Phoenix and in Sacramento also. Now that we can look back it's clear that it was the Suns and the Kings that had issues that were way beyond IT. Boston was the first team that let him be their guy though and it paid off for them with 3 straight trips to the playoffs and having the best record in the East last year.