He sucks (TOLD YOU SO!) but is still a consummate vet and can hit the 3 ball well. I also think he can become a key cog off the bench for a team that actually utilizes the pick and roll with regular consistency. And with the cap set to explode this following season, I suspect that the last year of Calderon's pact will not be so tough a pill to swallow.
A couple teams that should be interested in Calderon's services from the jump are the Suns and Pistons. Neither team has a healthy backup PG off their bench, has had a recent history of being willing to overpay role players and both have been in the market for veteran shooters. I could see the Suns acquiring Calderon, cash and 2nd round picks for Mirza Teleovic, Ronnie Price and whatever useless contracts they have lying around to make the deal work. I could also see the Pistons taking the same package (maybe Cleanthony Early in lieu of the picks) for Brandon Jennings' expirer and an additional contract to help give them a bigger trade exception. Either deal would suffice for me despite us not receiving anything in return. At this point, such a move would be addition by subtraction.
Of the two, I like the Pistons deal the best because I think it is more feasible. They are a stone's-throw away from the playoffs and I suspect that Van Gundy will make any move that makes them marginally better. He also offers a nice stopgap until they inevitably are able to develop Spencer Dinwiddie who they are alleged to be high on. I also think that Van Gundy is the kind of guy that'd have interest in Cleanthony Early (given his affinity for rangy shooters who can defend), which would offer more utility to a win-now team than the ambiguity of future 2nd round picks.
On the flip side, Brandon Jennings offers us nothing but an expirer. He's a good enough player but doesn't fit the triangle and will need time/patience to recover from his achilles injury, which we don't have. I'd probably just cut him but if a deal for an OJ Mayo or George Hill were feasible, I'd definitely roll the dice since both are prototypical triangle-PGs and have shown the ability to excel, earlier in their careers.