Here's what I'd do:
Carolina, ridding of the Rays
The Carolina Colonials baseball club sounds neat. The Indiana Racers with Colts and Pacers (and someday NHL). Tennessee Mountainmen baseball. I really do like their minor league Smokies name. It would be great for them to split time between Memphis and Nashville, two 35k seaters a piece.
Major League Baseball in Tennessee. How to beat out Charlotte for an Expansion Bid. New Brave King of the South
There's the best solution (for any division really) for 3 beckoning markets in a 2 squeeze pinch. It's getting rid of the Rays to somewhere else.
I have to admit something. I don't care about Montreal. No loss to me. I have another plan for them and it includes Vancouver (and justifiable any division alignment).
Disband the Rays. They can share the born-again Florida Marlins and split time between the Florida coasts. The tix' would be more in demand if you have 40 games in each location instead of 80. Fill in some gap time with Gloria Estefan concerts.