Kyle Lowry has been rumored to be on his way out of Houston for a while, and the Rockets have finally struck a deal to trade the disgruntled guard.
Lowry was the team's starting point guard for the past two seasons after Aaron Brooks was traded to the Phoenix Suns, but he was replaced by Goran Dragic when he was out with a bacterial infection. Lowry averaged 15 points and seven assists this season.
ESPN reports that Dragic has signed with the Phoenix Suns, and, as of now, the Houston Rockets have no starting point guard. They have attempted to sign New York Knicks restricted free-agent Jeremy Lin, and have reportedly offered Lin a backloaded "poison pill" contract (according to ESPN).
This means that though the first two years will only pay Lin the mid-level exception (around $5 million annually), the salary will increase into eight figures in the third and fourth years of the contract.
Lowry's arrival in Toronto will likely spell the end of starting point guard Jose Calderon's stay in Canada. ESPN reported the Raptors had offered Steve Nash a three-year, $36 million contract, but he has since signed a new contract and is now with the Los Angeles Lakers (via ESPN).
The Rockets, currently, have no starting point guard, but the Raptors have established a solid backcourt with Lowry, DeMar DeRozan and rookie Terrence Ross.