The transaction has sent Trevor Ariza to the New Orleans Hornets, Darren Collison and James Posey to the Indiana Pacers, Troy Murphy to the New Jersey Nets, and Courtney Lee to the Houston Rockets.
Who were the winners and losers in this four team, five player deal?
New Orleans Hornets
Rumor or not, the Hornets' franchise player has not been satisfied with the direction of his team this offseason.
However, after a meeting with the organization Chris Paul is reportedly excited to remain as a Hornet.
With point-guard Darren Collison (who was a fantasy stud last season) shipped off to the Pacers, it's evident that Paul will return as the starting point-guard for New Orleans next season.
Acquiring Trevor Ariza gives the Hornets an offensive small-forward, something the team has been missing throughout the last few seasons.
Teamed up with CP3, Ariza will most certainly get the opportunity to average career-highs in points per game.
On the other hand, the Hornets lost a very young and uprising point-guard in Collison, but with Chris Paul on the team the young gun was obviously not needed.
New Jersey Nets
The Nets obtained power-forward and double-double machine Troy Murphy from the Indiana Pacers while giving up two-year shooting-guard Courtney Lee.
Bringing in Murphy was an absolute necessity for the New Jersey Nets after losing out on the Carlos Boozer and Amar'e Stoudemire sweepstakes.
Murphy will assume the power-forward duties for the Nets while becoming a mentor for the 19 year-old third overall draft pick Derrick Favors.
In addition, the Nets will replace Courtney Lee in the starting line-up with newly signed Anthony Morrow who is a sure fire upgrade.
Indiana has been searching for a starting point-guard and Darren Collison is definitely the man to fit the role.
Last season the 22 year-old rookie stepped into the starting role when Chris Paul went down with an injury.
During those two months Collison posted an extremely impressive 19.2 PPG and 8.7 APG on 50.2 percent shooting from the field.
The Pacers not only receive the young and upcoming point-guard, but defender and three-point specialist James Posey as well.
Although the Rockets lost their starting small-forward and one of their top scorers, they also got rid of a huge contract.
During the next four seasons Trevor Ariza is projected to make a little over $28 million.
Getting Ariza's contract off of the books and bringing in shooting-guard Courtney Lee (who makes $1.3 million this season with a team option for $2.2 million in 2011-12), saves Houston a ton of money over the span of the next four years.
With freed up salary space the Rockets could either make a late push for a deal before the February trade deadline or sign a top notch free-agent during next years offseason.