Trevor Ariza Part Of 4-Way Deal

The Hornets, Nets, Pacers and Rockets completed a four-team trade, Nets General Manager Billy King announced Wednesday.

As part of the transaction, the Rockets acquire Nets guard Courtney Lee and send Trevor Ariza to New Orleans, with Indiana acquiring Darren Collison and James Posey from the Hornets, and New Jersey adding Troy Murphy.

“We’re excited to add Darren to the strong core of young players already on our roster,” said Larry Bird, Pacers President of Basketball Operations. “He’s a dynamic young point guard and we believe that he will be a key piece of our goal of building a team that the fans in Indiana deserve.”

Celtics Waive Rasheed Wallace

The Boston Celtics announced today that they have waived forward/center Rasheed Wallace after coming to a mutual agreement following which Wallace plans to retire.

“We would like to thank Rasheed for everything that he did for this team and organization last season,” said Danny Ainge, Celtics President of Basketball Operations. “We would like to wish Rasheed and his family the best as they move on into the next phase of their lives. He will always be a member of the Celtics family.”

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Tracy McGrady Signs With Pistons

Tracy McGrady has agreed to a one-year deal with the Pistons, according to a source. The agreement is for the league minimum which is $1.35 million for a veteran with 10 or more years of service. McGrady earned approximately $23 million for the 09-10 season.

In 24 games with the Knicks, he had a PER of 12.2. McGrady’s career PER is 22.8, but has been steadily declining along with his health.