Doesn't Make Sense: Toronto Raptors
Much like with the Bulls, the Spurs have little reason to trade with the Toronto Raptors since they also own their future first-round pick. San Antonio owns a top-six protected pick in this year's draft or 2025 if the pick doesn't convey this season.
Better yet, the Raptors are reportedly uninterested in a full rebuild, increasing their chances of being a lottery team, but not one of the six worst teams in the NBA over this season and next. Johnson would potentially help with that goal of being bad but not awful, but the Spurs trading for Raptors star Pascal Siakam or another player on their roster—Immanuel Quickley aside—probably doesn't make sense for their own rebuild.
Never mind that Johnson probably wouldn't make sense on their roster with big wings like Scottie Barnes and RJ Barrett. Adding Johnson would be redundant, and that is something that the Raptors finally got away from by moving OG Anunoby.
Based on that, there seems to be no reason for the Spurs and Raptors to do another deal before the February 12th deadline, despite being repeat trade partners in the past. Instead, San Antonio will likely sit back and watch to see if the Raptors decide to retool or rebuild and whether the pick will fall into their laps.