Butler has an expiring contract worth $8 million while Neal has another season at $3.25 million remaining on his current deal. It's difficult to speculate what the Bobcats offered, but it's reasonable to think Ben Gordon or Ramon Sessions might have been discussed due to their expiring contracts.
Per pretty much every trade report, the Bobcats are looking to improve at the trade deadline to make a little playoff run, but is constructing a deal around the expiring oft-injured Caron Butler that great a fit? Granted, anyone or anything has an impact greater than Ben Gordon right now, but if Butler (currently recovering from a high left ankle sprain) can't even get on the floor much, he's not going to do much, period.
It's also worth noting that Butler has been having a rather terrible season for Milwaukee so far. You have to take his situation with a grain of salt, but his shooting has taken a bit of a drop, falling below 40 percent from the field. However, some of that is mitigated by his ability as a spot-up shooter and how many threes he takes, of which he makes 34.6 percent. That's a pretty adequate percentage, one that could certainly help the Bobcats, but his complacency in working out of the midrange facing up in isolation or with his back to the basket while not being able to get to the rim could lend to the Bobcats' offensive stagnation at times (Hello Gerald Henderson).
Neal's had similar effectiveness for Milwaukee, scoring much of his points from behind the arc. He's knocking down about 36 percent of his shots from there, although he does have a bit of a weakness finishing at the rim or within 12 feet from the basket. His spot-up shooting from behind the arc or inside it could help the Bobcats, who desperately need some jumpshooting help to space the floor.
All said, this could have been a move of buying low on these two players who have played much better before coming to the Milwaukee Bucks tire fire. It could have added more strength to the Bobcats' ability to space the floor without giving up too much in the long run, depending on what the Bobcats were offering, of course.