That is why they are trying to dump Theo's contract which is the following:
(this season)$11,666,666 $11,666,666 $11,666,666
Portland will be stuck with Ruben Patterson, because he will most likely accept his player option, but the chance of trading him to a contender goes up during the off season.
Derek Anderson also needs to go, but most likely won't have any takers for him until around the trade deadline. Portland is already over the cap, so it's not like they are going to allow Joel to slip out of their hands over one year of Derek/Ruben.