7:15pm: The Kings press release on the deal has Sacramento acquiring Vasquez from the Pelicans in exchange for Evans. The Kings also say they wind up with a 2016 second-round pick and future second-round considerations, presumably from the Blazers.
6:43pm: The Blazers announced their part, with Lopez and Harris coming from the Pelicans in exchange for Jeff Withey, future second-round draft considerations, and cash.
JULY 10TH, 6:12pm: The Pelicans have confirmed their end of the trade, via press release. They acquire Evans and Withey, send Lopez and Harris to the Blazers, and ship Vasquez to the Kings.
4:44pm: ESPN.com's Marc Stein reports (via Twitter) that Terrel Harris, who is on a non-guaranteed contract, will also be sent to the Blazers in the deal. Meanwhile, Portland will pay Lopez's 15% trade kicker, which will be worth about $1.57MM in total, spread equally across the next two seasons. Stein adds that Sacramento will be receiving two second-round picks from the Blazers, rather than one.
4:39pm: The Pelicans will receive cash and future draft picks from the Blazers in the deal, tweets John Reid of the New Orleans Times-Picayune. Sam Amick of USA Today adds (via Twitter) that the Kings will also receive a future second-rounder from Portland.
3:55pm: The Pelicans, Kings, and Trail Blazers have verbally agreed to a three-way deal that will make Tyreke Evans a Pelican, reports ESPN.com's Marc Stein (via Twitter). The deal will send Evans to the Pelicans, Robin Lopez to the Trail Blazers, and Greivis Vasquez to the Kings, with the Blazers sending out picks and cash, according to Adrian Wojnarowski of Yahoo! Sports (via Twitter).
Evans had been preparing to sign a four-year, $44MM offer sheet with New Orleans, so rather than lose him for nothing, the Kings decided to negotiate a sign-and-trade deal. The Pelicans had been motivated to move Lopez in order to make room under the cap for their offer to Evans, so involving the two players in the same deal made sense. Meanwhile, with New Orleans putting together a backcourt that will feature Evans, Jrue Holiday, and Eric Gordon, Vasquez was the odd man out, making him expendable as well.
Sacramento agreed to complete the three-way deal with the Blazers and Pelicans after Jose Calderon passed on an opportunity to sign with the team. According to Wojnarowski, the Kings wanted to sign Calderon and flip Vasquez to another team, but the Spaniard decided he didn't want to be part of a full-blown rebuild in Sacramento. Calderon will continue to negotiate with other teams, including the Pistons, tweets Wojnarowski.
As for the Pelicans, they get their man in Evans and figure to use him off the bench in a Manu Ginobili-type role, behind a starting backcourt of Holiday and Gordon. It's not clear where the cash and picks coming from the Blazers are headed, but I would guess the Pelicans will acquire something from Portland, since New Orleans is sending out multiple players in the move.
For Sacramento, the deal gives the team the opportunity to regain some value for Evans, and Vasquez's modest $2.15MM salary will allow the club to retain plenty of cap space to pursue other players. The Kings previously withdrew a four-year offer for Andre Iguodala, but should still have the flexibility to pursue Iguodala again, if they so choose. Sacramento may also get in on those draft and cash considerations from Portland, though we'll have to wait for further word.
Meanwhile, the Blazers continue to make use of their summer cap space by making trades rather than signing free agents, as Lopez will be absorbed using the team's room under the cap. Portland also agreed to acquire Thomas Robinson from the Rockets without including any outgoing salary. At the moment, only $500K of Lopez's 2013/14 salary is guaranteed, but the next two years of his contract will become guaranteed this weekend, since he won't be waived by tomorrow. He'll earn $5.12MM next season and $5.34MM in '14/15.
The three teams will be able to finalize the transaction when the July moratorium lifts next Wednesday.