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Rockets and Kings Strike Deal For Martin and McGrady, Knicks Involved?

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Update (1:31 P.M.): Or maybe he is. I'm just gonna wait until this is final.

Update (1:30 P.M.): Mannix (and everyone else but ESPN) say the Knicks are keeping Hill.

Update (1:26 P.M.):

Stein's including Hill. Hmm.

Update (1:18 P.M.):

Stein:

Sources say Houston gets Kevin Martin, Jared Jeffries, right to swap first-round picks with NYK in 2011 and New York's first-rounder in 2012

Hahn:

Knicks are getting McGrady AND PG Sergio Rodriguez in this deal. More to come.

Note that Jordan Hill is not included, which likely means that the pick(s) are unprotected.

Update (1:17 P.M.): Wojnarowski seconds.

Update (1:15 P.M.): Stein:

Sources close to the situation tell ESPN.com that all three teams have reached agreement on deal to send T-Mac to New York

Well, we've heard that before.

Update (12:40 P.M.). Alright. I'm done with class, at least until 3 P.M. Here's what I'm seeing:

- Frank Isola says the prospects of a three-way deal between the Knicks, Kings, and Rockets are waning, but both he and the Woj/Spears tandem report that Sacramento might be interested in a buyout. If the Knicks were to sign Tracy McGrady without getting rid of Jared Jeffries, New York might spontaneously combust. If McGrady doesn't end up in the Big Apple, though, his agent might combust. In summary, shit might catch fire today.

- There are murmurs of the Kings wanting David Lee, but that'd be a pretty big stretch. Also remember that Lee can give a thumbs-down to any trade.

- It sounds like Tyrus Thomas is headed elsewhere, which could mean that Al Harrington will stay a Knick, but could also mean that he (and his expiring contract, remember) is thrown into the Knicks-Kings-Rockets mosh pit.

- The Celtics and Knicks still want to do a trade, but they still aren't quite sure who they want to trade. Nate Robinson is the lone sure component of that deal. Eddie House, J.R. Giddens, and Bill Walker is the most recent C's package, but that'd require another Knick.

More as it comes.

Update (8:50 A.M.): An interesting note from The Post regarding what Walsh was/is looking for in the way of draft pick protection (emphasis mine):

In the original package, the Knicks would have given up rookie Jordan Hill, Jared Jeffries' contract, Larry Hughes, a 2012 first-rounder and Houston's option to exchange 2011 first-round picks. Walsh asked for having the first-round picks protected through the six spot.

NBA.com reports in a deal with the Kings, "The Knicks' package would include elements of the same package they offered Houston."

Top-6 protection seems like a pretty reasonable safety net to me, but I don't run the Rockets.

Update (7:30 A.M.): Just as we suspected in the wee hours, Donnie Walsh awoke this morning still at work trying to join the Rockets-Kings trade without giving up too much. In today's Daily Dime, Chris Sheridan reiterates the following:

But early Thursday morning, ESPN.com's Marc Stein reported that McGrady will be included in a deal in which Sacramento will send Kevin Martin to Houston, with the possibility remaining that McGrady ultimately would end up going to the Knicks before the deadline at 3 p.m. ET.

"I'm hopeful," Walsh said. "It's a matter of trying to [get] a fair deal for your franchise and a fair deal for the other franchise."

Interestingly, it sounds as if Jared Jeffries' trip to the locker room early in last night's game was totally legit:

One complication arose during the Bulls game when Jeffries played only six minutes after hyperextending his right knee, but coach Mike D'Antoni said the injury was merely an aggravation of an old ailment, and that Jeffries should be able to play Saturday.

Original Post:

I'm making this it's own thread to avoid clutter. It turns out the Rockets' talks with the Kings were the real deal, and a trade involving Tracy McGrady and Kevin Martin could be in place, with or without the Knicks. Here's the very latest from Marc Stein:

One source close to the situation confirmed to ESPN.com that landing McGrady with the Knicks before Thursday's 3 p.m. trading deadline is the goal, but the Rockets and Kings have a deal in the event that terms can't be reached that include New York.

The deal struck Wednesday night will send Martin, Kenny Thomas, Hilton Armstrong and Sergio Rodriguez to the Rockets for McGrady, Carl Landry, Joey Dorsey and an undisclosed amount of cash.

One source with knowledge of the talks told ESPN.com that McGrady will either end up with the Kings or the Knicks by the deadline. And Martin is definitely headed to Houston after Sacramento refused trade interest in the high-scoring guard for weeks.

Sources told ESPN The Magazine's Ric Bucher that the Knicks would receive McGrady and Rodriguez in a three-team scenario.

I guess this means I can't call it the Brian Cook Deal anymore? That's sad.

Donnie Walsh is definitely asleep, so I might as well hit the pillow as well. It's gonna be an interesting day.