I do agree that Hinrich's value is hard to quantify. Similar to how we value Batum. They do a lot of things that just don't show up in the numbers.
Here's why Portland does it.
Utah will match Milsap, leaving Portland with cap space that will disappear with the extensions of LMA and Roy. If Utah matches, they have $12.5M expiring in Boozer's deal and probably are keeping the guy they want long term, at basically the cost of Boozer's contract.
Utah would like Tyrus Thomas as a backup for a year, option to re-sign him if they like him, or $6.5M in cap relief if they renounce him.
The Bulls would like that same option, to see him play and then the choice to re-sign or renounce. To give that up, they want a player in return who fits their cap situation.
If Portland refuses, it's up to Utah to take Tim Thomas instead, walk away from Milsap, or walk away from this deal.
If Utah resigns Milsap, Portland ends up watching all the good FAs end up elsewhere with $8M that can't shoot or defend anyone.
From what I've read, the Tim Thomas switcheroo and Rudy instead of Bayless would be acceptable.
But then again, the Bulls claim no deal has been discussed at all.