From Yahoo! Sports:
The New York Knicks are getting closer to reaching the Houston Rockets’ demands for Tracy McGrady and his $23 million expiring contract, league sources told Yahoo! Sports.
The Knicks and Rockets have designed the framework of a deal that would unload New York’s Jared Jeffries, Jordan Hill and either Al Harrington or Larry Hughes for McGrady, Joey Dorsey and Brian Cook.
As talks stood on Monday, the price of dumping the burdensome contract of Jeffries – who is owed $6.9 million next season – comes with the Knicks and Rockets exchanging 2011 first-round picks and the Knicks’ 2012 first-round choice going to Houston. New York also might include a 2010 second-round pick.
Moving Jeffries= Yay. Dumping Hill and coughing up first-round picks= BOO. Big time. More on this as it comes.