If I'm trading D-Will, I'm doing it with one simple idea in mind: Rebuilding the Jazz starting with the Center position and then following with the rest of the front line. I believe if you did this effectively, you'd be able to go out and find a decent enough backcourt to make it work.
That being said, Bogut would be my first choice. I think he's the best Center option out there that you could feasibly get if you made a good enough offer. I think if he was playing Center for a team like the Knicks/Lakers/Celtics, etc. he would easily be an All-Star and not as underrated as he currently is playing for the Bucks. With that being said, I don't see why the Bucks have any interest in D-Will because I think they're quite happy with Brandon Jennings. D-Will also isn't going to be in any hurry to sign an extension for Milwaukee. The only way it works is with a 3rd team who Deron would be interested in signing with long term.
If somehow Utah landed Bogut and some draft picks, I think it would be a huge coup for the Jazz. Start Bogut at the Center, slide Jefferson over to the 4 where he belongs, and all of a sudden we've got a potent front court that blocks quite a bit of shots. If Utah somehow held onto AK for a reduced price next year, IMO he would thrive with Bogut and Jefferson behind him. It would allow him to roam and gamble a bit more defensively and I think Utah is much better off when they can get away with AK playing like that.
If you get some picks out of the deal, you try and lock down a legit scoring SG and draft an Eric Maynor type of point guard to use along with Earl Watson and IMO you have a much better Jazz team than you currently do with Deron Williams.