In a blockbuster trade that changes the complexion of the Eastern Conference, the Magic are getting Hedo Turkoglu and Jason Richardson from the Suns and Gilbert Arenas from the Wizards, league sources confirmed to CBSSports.com.
The Suns send Turkoglu back to Orlando, where he thrived, along with Richardson and Earl Clark for Vince Carter, Marcin Gortat and Mickael Pietrus. Orlando also sends a 2011 first-round pick and cash to Phoenix and acquires Arenas from Washington for Rashard Lewis, the sources said.
It is a swing-for-the-fences for Orlando, which came under immense pressure to make a big trade while losing five of its last six games and taking an obvious back seat to Boston and Miami in the East. Turkoglu, who struggled in stints with Toronto and Phoenix, returns to Orlando -- where he was a key piece in Magic's run to the 2009 NBA Finals.
Arenas is the bigger name, but the key to the deal could be Richardson, a perimeter sniper who fits the Magic's style and gives them a clutch scorer and big-time shooter to further space the floor for Dwight Howard.
The Rockets tried to get into the mix for Gortat, whom they've coveted for several years, but wouldn't give up Kevin Martin, two people familiar with the situation said.
In addition to making Orlando a more potent offensive team -- and, once again, a matchup nightmare with Turkoglu back in the role that suits him best -- the second part of the deal gives a much needed fresh start to Arenas. The former All-Star gets an improbable chance to resurrect his career away from the place where his status as the face of the Wizards franchise crumbled amid persistent knee injuries and a 50-game suspension for bringing firearms to the Verizon Center locker room last season.
Aside from trying to reload in a way that justifies their $94 million payroll, the Magic also are taking bold steps to placate Howard and dissuade him from entering the 2012 free-agent class. Some members of the Magic organization, including Howard and coach Stan Van Gundy, have had serious reservations about bringing in Arenas since CBSSports.com first reported in October that a deal had been arranged for the mercurial superstar over the summer. That deal was built around Carter going to Washington.
Magic GM Otis Smith, who has a close relationship with Arenas from their days in Golden State, will consummate his months-long effort to extract Arenas from Washington. The Wizards, who have turned the franchise over to No. 1 pick John Wall, are all too willing to oblige -- especially given the $62 million Arenas is owed over the next three seasons.
"It was a challenging situation for Gilbert," Arenas' agent, Dan Fegan, told CBSSports.com. "Ted Leonsis gave him a clean slate and really worked to make this situation work. He did a very decent thing by brokering a trade to Orlando and giving Gilbert a second chance."
That is the price Orlando had to pay to make room for Turkoglu and Richardson, whose presence made Lewis -- whose production has significantly declined -- no longer necessary. While the Magic are taking on significant money with Arenas and Turkolgu, Richardson's $14.4 million contract expires after this season. And Turkoglu eases the burden because he accepted a reduction in guaranteed money in 2013-14, the final year of his contract, as part of the trade that sent him from Toronto to Phoenix.
The dual swaps presumably give Orlando a starting lineup of Howard at center, Brandon Bass at power forward, Turkoglu at small forward, Richardson at shooting guard and -- here's the big question -- either Arenas or Jameer Nelson at point guard. Van Gundy also has the flexibility to play Turkoglu at the four in smaller lineups that might feature Richardson at the three with Nelson and Arenas in the backcourt. While Smith could've waited until the 11th hour on the Feb. 24 trade deadline to complete the Lewis-for-Arenas portion, the upside is that Van Gundy gets more time to figure out how to fit all of these pieces together. With Boston having the most continuity among its stars in the East, and with Miami beginning to make its Big Three work on an 11-game winning streak, time is a valuable commodity to the Magic as they try to retool on the fly.
From the Phoenix perspective, the Suns get a much-needed big man in Gortat, a poor man's version of Richardson in Pietrus, and the essentially expiring contract of Carter, who has only $4 million guaranteed next season. But besides Gortat, the primary haul for Phoenix is a first-round pick and $3 million for cash-strapped owner Robert Sarver -- raising serious questions about whether Steve Nash will want to stay in Phoenix to rebuild.