The Memphis Grizzlies, Philadelphia 76ers and New Orleans Hornets have agreed in principle to a three-team trade.
Marreese Speights will be headed to Memphis, Xavier Henry will head down to New Orleans and Philadelphia will receive two future second-round picks in the swap.
The Sixers have been known to be shopping Speights for quite some time, but the other pieces involved come as a mild surprise.
It looks like a fair deal all around, but does it benefit all the parties involved?
Let's grade the deal.
The Grizzlies have been desperately searching to find a backup big man to play behind Zach Randolph and Marc Gasol, and the team finally got one in Speights.
With Randolph nursing a bruised MCL and Hamed Haddadi an uninspiring choice to back up Marc Gasol, Speights can step into the rotation immediately for the Grizzlies.
He was the No. 16 overall pick in 2008, and it's difficult to imagine his talent has eroded to the point where he can't contribute.
The Sixers are expected to net two future second-round picks as a result of the trade, so it's tough to judge their return at this time.
On the surface, Philadelphia did well to send out a player who clearly wasn't in the plans and they get assets in exchange, but the picks will only be valued if they're used to benefit the long-term outlook of the club.
It gives Philadelphia some further ammo in another deal down the line, but we'll have to wait to see how the picks shake out before the Sixers can be deemed winners or losers.
Henry has dealt with injury issues since he came into the league, but the Hornets gave up just a future second-round pick in exchange for a player who was the No. 12 overall pick in the 2010 draft.
With the deal, New Orleans continues to get younger and deeper in the second unit, and the swingman could turn out to be a really nice piece once the torn ligaments in his ankle heal.
It will be very interesting to see how the Hornets utilize Henry once he gets back out onto the court, but there are some duplicity issues on the roster given the presence of Trevor Ariza and Al-Farouq Aminu.
Henry is going to have to show that he was worth a lottery pick if his stock around the league is going to rise, but he hasn't had much of an opportunity to do that just yet.
In addition to dealing with some injury issues over his first two seasons, Henry didn't have much playing time available when he was healthy.
The youngster should get an opportunity to show what he can do for the Hornets, but he certainly won't be handed playing time without putting in work.
Verdict: Big winner
Speights has been trapped in Doug Collins' doghouse since long before the 2010-11 season ended, and it hasn't changed at the onset of the 2011-12 campaign.
The big man very clearly wasn't in Philadelphia's long-term plans, and he finally gets a chance to go to a team that wants him.
Memphis has a definitive need for his presence in the second unit, and Speights will be looking to prove that the Sixers gave up on him far too early.