Ideally no, but obviously if we include Dice we have to take something back. The thing to watch for is what the Bucks do with Redd. If they resign him, that may put Defino's 3.5M contract in play.
Dice+RJ+2nd round pick for Jax+Defino works:
http://espn.go.com/nba/tradeMachine. Bucks immediately shed Defino's 3.5M and save $$ on Dice's partially guaranteed deal. What's the net saving, roughly 1.5M this year?
The other thing to watch for is how obnoxious SJax is going to be about the trade to the Bucks. If he's going to be a punk, then the value from some sort of pick, in addition to the front loaded savings discussed above, may work. Don't underestimate the front-loaded savings with the prospect of a hard cap.