First, to San Francisco for Matt Cain. Keep in mind this is the same Matt Cain that was considered more valuable then Alex Rios of the Jays. So even if the Giants were given a 72-hour window to negotiate a trade, as Phillips suggests, the cost for Dunn over the amount of years would not be more valuable then what the Giants could have gotten for Cain in spring. Oh, and keep in mind, we are talking about a severely extreme fly ball pitcher. While Cain is a nice arm, tell me he wouldn't get lit up in Great American Ballpark, which Phillips admits to being 'even smaller' then the Reds budget.
Second, to Toronto for Adam Lind and Dustin McGowan or Shawn Marcum. During Spring Training, the Jays probably make this deal, granted they have some time to negotiate a new deal with Dunn. At this point, it is much more unlikely as McGowan and Marcum should be able to net more then Dunn.
Lastly, to Cleveland for Cliff Lee and one of Franklin Gutierrez, Jeremy Sowers, or Aaron Laffey. Admittedly, this is probably a deal the Indians make even if they do not intend to re-sign Dunn. At the time that is. Currently, with Westbrook, Carmona, and Miller sidelined, the club would be rolling its dice that the rest of the rotation does not get hurt. The problem with this offer, is it is LIGHT YEARS short of what Phillips suggested he get from the other clubs. In other words, it doesn't make sense by comparison.