Ok, here's what I think is going to go down. The situation right now I believe is that Charlotte and Portland think they will get the players they want without having to trade up. Colangelo wants to make a big splash next season, and I don't think he will simply take Bargnani or Aldridge when the Raptors still need a point guard.
He will take Adam Morrison. After that he will make a call to Charlotte and Portland warning them that if they want him they should take the player he wants and then either Knight/Telfair or whoever he wants. Even if it backfires, the Raptors end up with a great player and more depth at the SF position.