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Magic receive Pau and Bynum
Lakers receive Dwight, Milsap, Devin Harris
Jazz receive Jameer Nelson, JJ Redick, Ryan Anderson.
Here's the rationale as to why it makes sense for each team...
The Magic do this simply because it's already been documented that the Magic have already asked for both Pau and Bynum in exchange for Dwight. I know that they would ideally like to unload Hedo on somebody, but if the Lakers grant their wish of both Pau and Bynum... The Magic should not be the ones dictacting the trade. When the trade deadline comes, I do believe Pau and Bynum would be by far the best deal they could ever get... and they may blink and include Jameer, Redick, and Anderson. Jameer is having a bad season, and while Anderson is playing well... he would become a bench player again with Pau being the starting PF.
The Lakers do this because well... they'll get Dwight, the best center in the league. They also get Milsap, a very good starting calibre PF to replace Pau, and Devin Harris... who, even though he's playing poorly now... will still be a upgrade from Fisher and is still a starting calibre PG.
The Jazz do this because it's been reported they are shopping Harris.... but from the Jazz perspective, if they are looking to get rid of Harris... they will eventually be looking for a PG in return because it'd be a bad idea to bank on having Earl Watson as their starting PG. So for them to get involved in this trade, they will be able to get Jameer Nelson to be their starting PG. They also get JJ Redick, who would be a nice fit on that team because he would be able to split minutes with Raja Bell at the SG spot. In addition, they get a nice role playing stretch 4 in Ryan Anderson... it's no secret there is a logjam at the 4 spot in Utah with Jefferson, Milsap, Favours, and Kanter... so they should be open to trading Milsap to open up playing time for their young bigs. Besides... Utah would love the idea of having Hayward, Redick, Anderson, and Kanter on their team...
without ELBOW....