The news comes from Yahoo! Sports' Adrian Wojnarowski:
Marcus Camby has reached agreement on a deal with the Knicks, league sources tell Y! Sports.— Adrian Wojnarowski (@WojYahooNBA) July 9, 2012
Houston and New York agreed on a sign-and-trade deal sending Douglas, Harrelson, Jordan to Rockets for picks, sources said.— Adrian Wojnarowski (@WojYahooNBA) July 9, 2012
Camby has agreed to a three year, $13.2 million deal with the Knicks, source tells Y! The final year includes a partial guarantee.— Adrian Wojnarowski (@WojYahooNBA) July 9, 2012
Let's take a closer look at this development.
What it Means
First and foremost, it means the Knicks are building a team to contend now. Josh Harrellson and Jerome Jordan both have potential down the road, but Camby can be a pivotal piece right away, backing up Tyson Chandler.
The Knicks' window is small, and with Camby being 38, it's clear the goal is to win right away. He's not the center of the future.
As for the Rockets, they did a good job getting some value for the free-agent Camby, although which picks they give up will be important in determining the overall success of the trade.
What Happens Next
At this point, that's all they can do with limited cap space.
Nonetheless, a lineup of Jeremy Lin (potentially), Iman Shumpert (when he returns), Anthony, Stoudemire and Chandler with Kidd, Camby, J.R. Smith (potentially) and Steve Novak coming off the bench isn't too shabby.
As for the Rockets, I'm not sure what happens next for Daryl Morey's squad. I'm convinced at this point that he's just trying to make as many trades in the offseason as possible.
Morey continues to pile on the big men, as Harrellson and Jordan—who do have promising futures—just add to a list that includes Jon Brockman, Terrence Jones, Jon Leuer, Donatas Motiejunas, Marcus Morris, Chandler Parsons, Patrick Patterson, Luis Scola and Royce White.
It's a logjam, to say the least.
Also, Toney Douglas—in case you were wondering—likely isn't the solution at point guard, although he has a team option next season, so his time in Houston will likely be short-lived.