Number 1 is a possibility if the Hawks fall in love with Murray. I mentioned before something like Vassell and Keldon could be the ballast for the Spurs, though in that case the pick part would be lighter.
Number 2 is what I think happens this year. That's what they seemed to be trying to do with a Murray trade, and you could argue the Young rumors serve mostly to boost DJM's value. If the Spurs are comfortable with a DJM trade, the two sides could probably figure something out more readily since ATL wouldn't be tanking. I know Mo dismisses it, but getting a guaranteed pick in 2025 and 2027 (by turning the picks into swaps) would allow the Hawks to go all-in on a trade, and they might be able to cobble together some cap room depending on how it's structured.
Something like Murray and the Sacramento pick for Graham, Wesley/Branham, the Charlotte pick and the conversion the 2025 and 2027 picks into swaps. If the Toronto pick rolls over, that means the Spurs have two firsts in 2024, two protected firsts in 2025 and "double picks" for 2025, 2026, 2027, 2028 and 2030. They retain those future years of upside without having to worry about roster spots.
(In case anyone is wondering, Graham's guaranteed salary and the young guard should be enough outgoing salary to allow the Spurs to take Murray into cap space, preserving Johnson and Collins for another trade while giving the Hawks max cap savings.)