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.

We're counting down the hours until today's 2:00pm CST trade deadline, and Josh Smith still appears likely to be on the move sometime before then. In yesterday's round-up of Smith rumors, we passed along word from HoopsWorld's Alex Kennedy that "source after source" indicates Smith will be dealt today. ESPN.com's Marc Stein reports the same thing, writing that the Hawks are expected to trade their veteran forward for the best deal that won't hurt their long-term financial flexibility. We'll track today's Smith rumors right here, with the latest added to the top of the page throughout the day:

• The Nets are still "hanging by a thread" in the Smith talks, tweets TNT's David Aldridge. Milwaukee still appears to be the leader, Aldridge confirms.
• The Suns are essentially out of the running for Smith, according to Sam Amick of USA Today, who adds that the Bucks are viewed as the favorites (Twitter link).
• The Bucks and Hawks are still "seriously engaged" in talks for Smith, tweets Adrian Wojnarowski of Yahoo! Sports.
• The Rockets appear to be out of the mix for Smith, tweets Sam Amick of USA Today.

Earlier updates:

• Atlanta is still underwhelmed by the offers for Smith, but there's a still a belief the Hawks will settle for the best one, tweets Alex Kennedy of HoopsWorld.
• If the Hawks keep Smith through the deadline, there's "basically zero chance" he re-signs with Atlanta, according to Jeff Zillgitt of USA Today (via Twitter). That's why a team like the Rockets is unlikely to make a big trade offer today.
• The Nets haven't given up on Smith and still believe they're in the running, tweets Stefan Bondy of the New York Daily News.
• A deal involving Smith and Monta Ellis is unlikely, tweets Ken Berger of CBSSports.com.
• One executive involved in the Smith talks tells Chris Broussard of ESPN.com that the odds of a deal are down to "50/50" (Twitter link).
• If the Nets don't land Smith (and they appear to be a long shot), the club will likely stand pat  at the deadline, says Adrian Wojnarowski of Yahoo! Sports (via Twitter).
• The Bucks and Suns are the current frontrunners for Smith, with the Celtics still lurking as a "dark horse," tweets Adrian Wojnarowski of Yahoo! Sports.
• ESPN.com's Chris Broussard's sources insist that the Bucks aren't trading Monta Ellis to Atlanta as part of a Smith deal (Twitter link). I could see the Hawks being intrigued by a package that includes Ekpe Udoh, expiring contracts, and picks.
• The Hawks and Bucks are in serious talks about Smith, according to Adrian Wojnarowski of Yahoo! Sports (via Twitter). Monta Ellis and Ekpe Udoh have been discussed, and Devin Harris could be a part of any deal as well.
• The Suns "seem to be bowing out" of the Smith derby, according to Steve Kyler of HoopsWorld (via Twitter). I still wouldn't rule out a late push from Phoenix, but it doesn't seem as if the club is the frontrunner at the moment.
• The Rockets are involved at a "high level" in talks for Smith, a league source tells Ken Berger of CBSSports.com (Twitter link). However, since Houston has the potential to sign Smith as a free agent this summer, the team has some leverage and isn't willing to part with a ton of assets in a trade (Twitter link).
• The Nets are continuing to search today for a third team to help facilitate a Smith deal, according to Stein. Meanwhile, Milwaukee remains one of the most likely destinations for Smith, but it remains to be seen whether the Bucks will be willing to include Monta Ellis in their offer, says Stein.
• Paul Pierce or Rajon Rondo would likely to be required in any offer from the Celtics to attract the Hawks' interest, and Boston is reluctant to include either player, according to Stein.
• More from Stein: The Hawks have yet to find an offer they particularly like and are hoping that another team like the Rockets jumps back into the mix. Adrian Wojnarowski of Yahoo! Sports tweets that Houston is still "lingering" in talks for Smith, but that Atlanta's desire for Omer Asik and Chandler Parsons to be included in a deal is a non-starter for the Rockets, who will have room to make an aggressive offer for Smith in free agency this summer.
• Rival teams believe that the Hawks are looking for a trade scenario in which they can ship Smith to a Western Conference club, according to Wojnarowski (via Twitter).

The Bucks are reportedly one of the teams most determined to make a deal before Thursday's trade deadline, and today has has brought more rumblings from out of Milwaukee, so let's dive right in and check out the latest....

• Although the Bucks like J.J. Redick, the Magic aren't enamored with anything Milwaukee has offered so far, according to Sam Amick of Jeff Zillgitt of USA Today.
• Yesterday's report on trade talks between the two teams suggested that Orlando had extended an offer of Redick for Luc Mbah a Moute and a first-round pick, but Amick and Zillgitt seem to suggest that offer may have come from the Bucks' side. The Magic don't like Mbah a Moute's contract, according to the USA Today report.
• Ekpe Udoh is also drawing interest around the NBA, according to the USA Today duo.

Earlier updates:

• Brandon Jennings appears to have moved alongside Larry Sanders and John Henson as the players the Bucks consider "untouchable," according to ESPN.com's Marc Stein.
• The Mavericks had been the team most interested in Jennings, but they'd been pessimistic all along about their chances, knowing that the fourth-year guard is the closest thing Milwaukee has to a face of the franchise since the team traded Andrew Bogut a year ago, says Stein.
• Although Samuel Dalembert was once considered one of the players most likely to be moved this season, the Bucks appear more inclined to keep him (and his expiring contract) after his solid recent play filling in for Sanders, according to Stein.
• Stein also covers the latest on the Bucks' talks with the Hawks regarding Josh Smith, which we've recapped in our post dedicated to today's Smith rumors.

The latest news and notes from around the NBA on Friday evening:

• Charles F. Gardner of the Milwaukee Journal-Sentinel writes that Bucks center Ekpe Udoh is finding ways to contribute outside of the stat sheet.
• Josh Howard is looking forward to helping the injury-plagued Timberwolves. (AP link via NBA.com)
• Al Iannazzone of Newsday.com writes that the Knicks' age has worked in their favor so far as they've begun the season 6-0.
• The Charlotte Observer's Rick Bonnell believes that Hakim Warrick, acquired this week from the Hornets for Matt Carroll, can help the Bobcats this season.
• Jodie Valade of the Plain Dealer writes that the Cavs' Tristan Thompson has been more active this season.

Josh Robbins of the Orlando Sentinel believes that although Magic coach Jacque Vaughn would preferably bring young players along slowly to gradually build their confidence, he may have to expand the roles of rookies Moe Harkless and DeQuan Jones much earlier than he would like now that Hedo Turkoglu is out with an injury. Here is the rest of tonight's edition of Eastern Notes:

• During C.J. Miles' Q&A session with Jodie Valade of the Plain Dealer, the Cavaliers swingman touched base on what made him choose Cleveland over his hometown of Dallas during free agency: "I talked to Rick Carlisle the same way I talked to Coach (Byron) Scott, but this just felt like a better fit as far as what I wanted to do as a basketball player. Everybody wants to play for their hometown, but I think it was just a little different situation as far as what I want to become."
• Dei Lynam of CSN Philly writes that whereas Thaddeus Young had been ten pounds lighter than Carmelo Anthony before this season, the 76ers forward bulked up during the offseason at coach Doug Collins' request and is now five pounds heavier than the Knicks star. Philadelphia hopes that Young's speed and added strength will allow them to match up better against a player like Anthony.  
• Bucks coach Scott Skiles has been pleased with the impact that Ekpe Udoh has been making for Milwaukee defensively, according to Charles F. Gardner of the Journal Sentinel. 
• Heat forward/center Josh Harrellson said that the Knicks will always be a special place to him for providing his first opportunity in the NBA (Jared Zwerling of ESPN New York reports). 

The Bucks have picked up a handful of contract options for 2013/14, the team announced today (Twitter link). Milwaukee exercised its fourth-year options on Larry Sanders and Ekpe Udoh, and picked up its third-year option on Tobias Harris.

Udoh, who was acquired from the Warriors in March's Andrew Bogut/Monta Ellis blockbuster, will now earn a guaranteed $4.47MM in 2013/14, while Sanders will be owed $3.05MM. Both players will be eligible for restricted free agency in the 2014 offseason, unless they sign contract extensions next summer. As for Harris, the Bucks will pay him a $1.55MM salary in 2013/14, and hold an additional team option for 2014/15, worth $2.38MM.

Be sure to check out our rookie contract option tracker to keep tabs on which 2013/14 team options have been exercised to date.

Earlier today, we heard from ESPN.com's Chris Broussard that the Nuggets and Warriors had discussed the possibility of a trade that would send the No. 7 pick to Denver and Wilson Chandler to Golden State. Broussard is back with more Warriors info this afternoon, tweeting that the team is eyeing other small forwards besides Chandler, including Rudy Gay, Andre Iguodala, and Marvin Williams. No deals are imminent, according to Broussard, but the Warriors are a good bet to be active either today or tomorrow. Marcus Thompson of the Bay Area News Group has a few more Warriors items, so let's check those out:

• The Warriors do like Chandler, but may not believe he's worth the seventh overall pick, says Thompson. Golden State would want Denver to take on a bad contract like Richard Jefferson's or Andris Biedrins' in order for the deal to work.
• If Andre Drummond is available when the Warriors pick at No. 7, expect Golden State to call up the Rockets to try to work out a deal. The Warriors don't have nearly the same interest in Drummond as Houston does, though some members of Golden State's front office would be willing to roll the dice on the UConn big man.
• The Warriors have also spoken to Milwaukee about trading down to No. 12. A recent report suggested a swap of Luc Mbah a Moute and the 12th pick for the 7th pick, but Thompson thinks the Warriors are more likely to try to reacquire Ekpe Udoh. [Update: Thompson corrects himself in a tweet, noting that the Warriors are ineligible to reacquire Udoh this season.]
• Thompson tweets that rival teams keep inquiring about the availability of Klay Thompson and Stephen Curry, but that GM Bob Myers isn't interested in trading either player. Thompson is the most unmovable Warriors at the moment, according to the Bay Area News Group scribe.
• Tim Kawakami of the San Jose Mercury News adds, via Twitter, that the Warriors appear to be "really trying" to move Dorell Wright.

The latest news and notes from around the NBA on Thursday night:

• The Minneapolis Star Tribune's Jerry Zgoda talked to Michael Beasley, who was shopped heavily by the Timberwolves prior to the trade deadline. Beasley would like to remain in Minnesota past this season but recognizes that it is not in his control.
• The Milwaukee Journal-Sentinel's Michael Hunt believes the trade of Andrew Bogut and Stephen Jackson for Monta Ellis, Ekpe Udoh, and Kwame Brown makes sense for the Bucks in both the short and the long term.
• Spurs GM R.C. Buford hints that there may be another roster move to come, as reported by the San Antonio Express-News's Tim Griffin.
• The Arizona Republic's Paul Coro highlights the loyalty Steve Nash has displayed to the Suns as something that distinguishes him from other stars in the league.

Here's the complete list of trades that took place this week leading up to the trade deadline earlier today:

• On Tuesday, the Warriors sent Monta Ellis, Ekpe Udoh, and Kwame Brown to the Bucks for Andrew Bogut and Stephen Jackson.
• The Warriors then flipped Jackson to the Spurs for Richard Jefferson, T.J. Ford, and a first-round pick on Thursday.
• The Grizzlies traded Sam Young to the 76ers for the rights to former second-round pick Ricky Sanchez.
• The Pacers acquired Leandro Barbosa from the Raptors in exchange for a second-round draft pick and cash considerations.
• The Blazers entered rebuild mode by trading Gerald Wallace to the Nets for Mehmet Okur, Shawne Williams, and a 2012 first-round draft pick with top-3 protection.
• Portland also sent Marcus Camby to the Rockets for Jonny Flynn, Hasheem Thabeet, and a second-round pick.
• The Rockets acquired Derek Fisher from the Lakers as well as the Mavericks' 2012 first-round pick (from the Lamar Odom trade) for Jordan Hill.
• The Lakers also traded for Ramon Sessions, sending Luke Walton, Jason Kapono, and a 2012 first-round pick to the Cavaliers and also receiving Christian Eyenga. The Cavs will also have the ability to swap the Heat's 2013 pick (which they own from the LeBron James sign-and-trade) with the Lakers' pick that year.
• The Nuggets, Wizards, and Clippers agreed to a three-team deal that will send Nene, Brian Cook, and a future second-round draft pick to Washington; Nick Young to the Clippers; and JaVale McGee and Ronny Turiaf to Denver.

The Warriors and Bucks finalized the first major trade of 2012 last night, with Monta Ellis, Ekpe Udoh, and Kwame Brown heading to Milwaukee in exchange for Andrew Bogut and Stephen Jackson. The deal is an interesting one, particularly since Bogut's fractured ankle could sideline him for the rest of this season.

My thoughts: the move is a risky one for both sides. Bogut has suffered multiple major injuries in his career, and hasn't played more than 69 games in any of the last four seasons -- his health has to be considered a question mark going forward. For the Bucks, pairing Ellis with Brandon Jennings may not be ideal, since both players are at their best when they're controlling the ball. Considering the Bucks were also able to acquire a youngster with upside in Udoh and swap Jackson's hefty 2012/13 salary for Brown's expiring deal, I prefer Milwaukee's side. But if the Warriors slide down this year's standings (keeping their top-seven-protected draft pick), then get a healthy, productive Bogut back next season, the deal will end up looking pretty good for Golden State.

Here are a few more reactions and opinions on the trade:

• The upside is higher for the Warriors than the Bucks in the deal, though Milwaukee obviously benefits more in the short term, writes Zach Lowe of SI.com.
• Christopher Reina of RealGM doesn't love the trade for either side, giving the Warriors a C grade and the Bucks a C+.
• In a piece for The Basketball Jones, Mark Deeks says the trade doesn't make sense, concluding that two teams that were going nowhere before are still going nowhere.
• The Jazz and Knicks are the big losers of the deal, according to John Hollinger of ESPN.com (Insider link). The Jazz will own the Warriors 2012 first-rounder if it's not a top-seven pick, while the Knicks are currently tied with the Bucks for eighth in the East. Hollinger likes the deal a lot for the Bucks, particularly because of the cap ramifications.
• In a statement, Warriors GM Larry Riley said the team was "extremely excited" to acquire Bogut, as Rusty Simmons of the San Francisco Chronicle writes.
• Tim Kawakami of the San Jose Mercury News explains the Warriors' motivations for the deal, and why it should work (in theory).