The Blazers and Nets have reached an agreement on a trade that will send Gerald Wallace to New Jersey, reports TNT's David Aldridge (via Twitter). The Blazers will receive Mehmet Okur, Shawne Williams, and a top-three protected 2012 pick. Yahoo's Adrian Wojnarowski, who first reported the two sides were close, confirms the agreement (via Twitter).
After finding out Dwight Howard would not be available via free agency this summer, the Nets quickly turned to trades that would add help for Deron Williams. The price for Wallace seems awfully high though — while the Nets were able to move Okur's expiring $10.89MM contract and avoid Williams exercising his $3.1MM option for next season, the first-round pick seems to be the Nets' own selection. While New Jersey will retain the pick if it lands in the top three, it's very possible that the Blazers will receive a top-ten pick in what's expected to be a strong draft. The Nets currently have the sixth-worst record in the league (15-29).
Wallace has a $9.5MM player option for next season, which I assume the Nets will want him to exercise. Perhaps the two sides could even agree to void the player option in favor of working out a longer-team deal with a reduced 2012/13 cap figure. Even with Wallace on the books for next year, the team should have a decent amount of cap space to re-sign Brook Lopez and perhaps sign another free agent to entice Williams to stay.