The Magic are in a really interesting spot. They have only about $83M committed for next season and one key free agent to worry about (Mo Bamba). The Magic also have a big decision to make in their frontcourt with big money already committed to Isaac (at PF) and WCJ (at PF/C). With Wagner also on the roster (as a SF/PF), it feels like something has to give. If the Magic decide they want Bamba long term at C, then moving off WCJ makes a lot of sense.
With this move, the Magic would cut $25.65M off their payroll for next season, leaving them only about $57.5M committed. Add a Bamba extension to that (say $12.5M), and you end up without about $70M committed. This means about $45.7M in cap space in a summer, and would leave them as the only team in the whole league projected to have max cap space this summer. That's an interesting position to be in for a warm weather city in a state with no state income tax who have had some success luring free agents in the past (Grant Hill and TMac being the big coup...until Hill's injury, and Rashard Lewis being another one).
Could they make a run at someone like James Harden, Bradley Beal or Kyrie Irving? With a young core of guys like Suggs, Wagner, Cole Anthony, Bamba, Isaac and Fultz, plus a likely high pick this year and (after this trade) three extra future firsts to play with in trades, they could make an intriguing pitch to a major free agent, especially if they rolled some other young assets into another deal for a high level vet.
The Raptors' side of this is far simpler. Turning Dragic and a first into WCJ would be a nice piece of business. He is signed long term on a reasonable deal, and he is a perfect fit for what the Raps like to do. He can defend the paint, rebound and shoot the three, which is exactly what the Raps need. Ross is more of a cost to the Raptors than a benefit here (a shooting specialist shooting 31% from three, making $11.5M), but he is a reasonable cost to take on and can provide a bit of needed bench scoring.