re: Asik trade a 3 teamer between NO/HOU/WASH... Pels also to get Casspi

July 13: Rockets Turn Ariza Signing Into Sign-and-Trade

Rockets get: Forwards Trevor Ariza, Alonzo Gee and Scotty Hopson, protected New Orleans 2015 first-round pick

Pelicans get: Forward Omri Casspi, center Omer Asik, cash considerations

Wizards get: Center Melvin Ely

Houston Rockets: A-
This three-team trade is essentially two separate transactions. One is the completion of the trade sending Asik to the Pelicans, which I previously graded when it was first reported before the NBA draft.

The other turns the signing of Ariza, reported Saturday, into a sign-and-trade instead of an outright free-agent signing. That allows the Rockets to stay over the cap, maintaining their full midlevel exception as well as the $8.3 million trade exception created with Friday's ill-fated trade sending Jeremy Lin to the L.A. Lakers. As compared to then, when we thought Houston was getting Chris Bosh, this is obviously a disappointing outcome, but as usual the Rockets will have flexibility. And the Asik trade was one they made before adding Bosh became a realistic possibility.

New Orleans Pelicans: C-
This deal is slightly better for the Pelicans than originally graded. Trading for the nonguaranteed contracts of Gee and Hopson allows them to trade by matching salaries rather than fitting Asik under the cap, which keeps them from having to trade a player (likely Austin Rivers) to clear space. And New Orleans was able to get Casspi from the Rockets, giving a little more depth to a thin bench.

Still, the Pelicans had to go under the cap to pull off this sequence of moves, forfeiting their $5.3 million midlevel exception for the smaller $2.65 million room exception. New Orleans also had to renounce its rights to free agents Al-Farouq Aminu and Jason Smith, leaving the team with only the room exception and minimum-salary contracts to fill out the roster. Besides costing a first-round pick, trading for Asik will also weaken the team's depth.

Washington Wizards: B+
The Wizards are fortunate that this three-team trade came together, as they gain a valuable trade exception for the amount of Ariza's first-year salary ($8.5 million). Ely's veteran's minimum contract is nonguaranteed through Aug. 1, per Mark Deeks, so Washington doesn't have to add any payroll in the deal.