Hornets-Wizards Trade: Grading Trevor Ariza, Emeka Okafor for Rashard Lewis Deal

Just when you thought you'd have to wait until June 28's NBA Draft for things to get interesting, the wheeling and dealing has come early this year.

According to DraftExpress's Jonathan Givony, the New Orleans Hornets have struck a deal with the Washington Wizards that fits both clubs' long-term needs:

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NBA source tells me Emeka Okafor and Trevor Arizona have been traded to the Washington Wizards for Rashard Lewis and the #46 pick

— Jonathan Givony (@DraftExpress) June 20, 2012"

Lewis' stay in New Orleans may be short-lived according to ESPN's Marc Stein:

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The Hornets, sources say, are planning to waive Lewis before July 1 to slice roughly $10 million off the $24 million that he is owed in 2012-13. With the resultant financial flexibility, New Orleans is confident in its ability to re-sign restricted free agent Eric Gordon this summer to ensure it doesn't lose the best player it received in exchange for face-of-the-franchise Chris Paulin December.

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Here's how the deal shakes out for both organizations.

New Orleans Hornets: A

Beyond clearing cap space by waiving Lewis, the Hornets will also save more than $22 million in cap space for the summer of 2013 by shedding the final year on Okafor and Ariza's respective contracts.

That enables New Orleans to re-sign Gordon to a lucrative deal while preserving additional flexibility to add or retain free agents. Center Chris Kaman and power forward Carl Landry are both free agents this summer, so New Orleans could potentially sign one or both of them to long-term deals.

Alternatively, the Hornets could save the cap space and make a run at next summer's crop of free agents, which could include the likes of Josh Smith, Stephen Curry, Ty Lawson, James Harden, Andrew Bynum, Tyreke Evans, Al Jefferson and—ironically—Chris Paul.

Yes, the move is nothing more than a salary dump, but it's an effective and timely one at that.

With Gordon and presumptive first-overall pick Anthony Davis in the fold, the Hornets may quickly become something of a preferred destination for big names.

New Orleans also holds the 10th-overall selection in June 28's draft, which could either be used to select another promising youngster or as trade bait in the acquisition of a proven veteran.

Washington Wizards: B

The Wizards add some important defensive pieces to surround star point guard John Wall and veteran center Nene.

Washington will pick second in this summer's draft, so it's not surprising the club is adding experienced players to an otherwise young mix of talent. 

Ariza will provide the Wizards with length on the perimeter and outstanding on-ball defense, while Okafor will bring some valued toughness to the post area. Don't expect the Wizards to have another atrocious season.

While the Wizards will cut into the available cap space for the summer of 2013, the club should still have enough room to add another piece.

The bigger question mark is how Okafor will fit alongside Nene for the next two seasons. He doesn't need a lot of touches, but he's at his best as an offensive rebounder occupying the painted area. The same goes for Nene, who gets most of his touches in the low block.

Neither option will allow Washington to spread the floor, so it's anything but clear that this deal will make much sense from the standpoint of chemistry.