(Photo by Jed Jacobsohn/Getty Images)

With the first wave of trades and the NBA Draft now completed, the 30 general managers move onto the next round—free agency.

Who are the winners and losers so far?

Cleveland certainly didn’t give up a whole lot to get Shaquille O’Neal. But is the 15-year veteran, who is 37-years-old, enough to bring the Cavaliers an NBA Title? For that matter, is he enough to bring them an Eastern Conference Title?

Is Cleveland through, or do they still need to bring in a power forward who can spread the floor on offense and play the pick and roll on defense?

With Shaq's $20 million contract and a top-heavy payroll headed by LeBron James, the Cavs are not likely to be in the bidding for the Magic's Hedo Turkoglu or even the Lakers' Lamar Odom.

Both are free agents come July 1.^. Although Turkoglu is the more prolific scorer, Odom is by far the more versatile. He can spread the floor with his outside shooting and drive to the basket, grab offensive rebounds, and even run a fast break. But his long arm span and athleticism gives him a considerable advantage over Turkoglu on defense.

The Lakers and the Magic are expected to do everything possible to retain both players.

In an effort to plug up any scoring lapse should Turkoglu sign with another team, the Magic picked up All-Star guard Vince Carter from the New Jersey Nets. The deal also helps to counter Cleveland's trade for O'Neal by putting pressure on the Cavaliers to defend the three-point shot.

The Magic also picked up Ryan Anderson from the Nets, who may be the sleeper in the deal.

The rookie power forward from the Cal Bears only averaged 7.4 points and 4.7 rebounds in 20 minutes per game, but he has a decent jump shot and the potential to develop his pick and roll skills and his rebounding, especially playing alongside Dwight Howard.

The Magic had to give up Rafer Alston, Tony Battie, and Courtney Lee. They traded with the Houston Rockets to get Alston at mid-season when Jamere Nelson went down with a shoulder tear. But when Nelson returned, Alston became expendable.

In Lee the Magic lose a promising young shooting guard who had difficulty in covering Kobe Bryant during the NBA Finals, but then who hasn't? They also lose Battie, an experienced center, who helped off the bench. With Marcin Gortat also about to test the free agent waters, the Magic may have to find another strong body to back up Howard.

The Lakers so far have stood pat. Questions about who will coach the Lakers in the coming season are still not clear. Phil Jackson wants to return but will undergo medical tests over the next few weeks to determine how another grueling season at the helm will affect his overall health.

The Lakers sold their first round pick to the New York Knicks for a future second-round draft pick and $3 million in cash, which will help defray some of that luxury tax should they indeed sign both Lamar Odom and Trevor Ariza.

If that happens, the Lakers may not have to make any deals in order to become a much improved team. Even though they won the NBA title, they got little help from their promising young center, Andrew Bynum, or from Jordan Farmar and Sasha Vujacic.

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