2:47pm: The Hawks were close to reaching an agreement with the Bucks for Smith that may have included the Magic as a third team. However, Atlanta backed out of the deal at the last minute, according to ESPN.com's Chad Ford and Ric Bucher of 95.7 The Game. Bucher reports (via Sulia) that the Bucks' offer would have sent Ekpe Udoh, Luc Mbah a Moute, Beno Udrih's expiring contract, and a protected first-round pick to Atlanta.
2:04pm: Neither the Bucks nor the Nets were able to finalize a deal with the Hawks for Josh Smith, who will remain in Atlanta, tweets Brian Windhorst of ESPN.com. According to Windhorst (via Twitter), the Hawks decided they valued Smith too much to give him up for the offers they received.