Chris Paul Traded to Lakers in 3-Way Deal With Hornets, Rockets

UPDATE (9:27 p.m. ET): The Chris Paul trade to the Los Angeles Lakers has been killed by the league. Click here for the latest details.

New Orleans Hornets superstar point guard Chris Paul is reportedly headed to the Los Angeles Lakers in a blockbuster trade.

The Lakers, Hornets and Houston Rockets are finalizing the details of a three-team trade that will shift the balance of power in the Western Conference dramatically.

Here is the complete breakdown of the trade as it is currently structured:

Los Angeles Lakers: PG Chris Paul (from NO Hornets)

New Orleans Hornets: F Lamar Odom (from LA Lakers), SG Kevin Martin (from HOU Rockets), PF Luis Scola (from HOU Rockets), PG Goran Dragic (from HOU Rockets)

Houston Rockets: PF Pau Gasol (from LA Lakers)

There will also be draft picks exchanged in the final proposal, but those will be finalized when the transactions can officially be made beginning Friday at 2 p.m. ET.

UPDATE (7:47 p.m. ET): The draft picks involved will be dealt to the New Orleans Hornets. Those picks will be a future first- and second-round pick, according to David Aldridge.

This is clearly a winning trade for the Lakers, as the team was able to retain incumbent center Andrew Bynum, and can now turn around and dangle him in a potential trade package headlined by Dwight Howard.

When ESPN's Chris Broussard reported that the Lakers were looking to acquire both Paul and Howard, many laughed off his report as a frivolous one, but now that plan is two-thirds toward being complete.

The Lakers will boast one of the more intimidating starting units in the league with Paul and Kobe Bryant sharing the same backcourt, but the team did give up its competitive advantage in the size department with the departure of both Gasol and Odom.

For New Orleans, the team will be looking to rebuild around a legitimate scorer in Martin, and the arrival of Scola will give the Hornets a tough front line when paired with Emeka Okafor.

Houston has been desperate to upgrade in the size department for several seasons, and Gasol gives the Rockets exactly that.

There's no doubt that this deal will shift the chances of the Lakers returning to the top of the Western Conference once again, and this is a group that will look awfully different than they have in previous seasons when the action tips off on Christmas Day.