How about Francis for Payton with Kobe going to the Magic and McGrady to the Rockets? I do that, but otherwise a Francis for Payton is laughable.
If you think there's any chance Payton would want to play for Houston, why not just sign him in the summer then trade Steve for a 4.
Payton just might go to the Spurs after this season, I doubt he stays in LA especially if Kobe and Phil leaves (that's assuming they don't win the title this season).
Gary is old and would want around ten million yearly for more than 3 years if he went to another team. His complaining on the Lakers was because of fears that his market value is dropping. Addition by subtraction wouldn't work and would still kill our cap space.
I don't know if you noticed, but Kobe + Shaq already equaled a dynasty. Trading them Francis is irrelevent.