Celtics Acquire Courtney Lee

5:49pm: The second-round picks the Blazers will get are both for 2013, tweets Joe Freeman of The Oregonian. They'll receive the Celtics' own selection, along with the Timberwolves' pick that the C's acquired in an earlier deal. Freeman also passes along word from Blazers GM Neil Olshey, who says he is hopeful Pavlovic will make the team out of camp (Twitter link). Freeman confirms, via Twitter, that the Celtics will send the Blazers cash to cover Pavlovic's salary, which will likely be the veteran's minimum. Pavlovic's 2012/13 contract is non-guaranteed, so he could be waived without the Blazers taking a cap hit, Freeman confirms in an email to Hoops Rumors.

4:05pm: In making their own official announcement about the trade, the Trail Blazers noted that they'll acquire two future second-rounders from the Celtics, rather than just one (Twitter link).

2:12pm: The Rockets have officially announced the Lee sign-and-trade agreement in a press release. Based on the team's announcement and a tweet from Gary Washburn of the Boston Globe, the deal looks like this:

According to ESPN.com's John Hollinger (via Twitter), Lee will earn exactly $5MM in his first year, making his total contract worth the same as the maximum mid-level exception (four years, $21.35MM). The Rockets, meanwhile, are expected to waive Moore and Williams in the very near future. Diebler, the player whose rights Houston receives from Portland, was selected by the Blazers 51st overall in 2011 and spent last season overseas.

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Odds & Ends: Felton, Wizards, Thunder, Leuer

Earlier today on the MSG Network, newly acquired Knicks point guard Raymond Felton said he still would have wanted to come to New York even if they matched Jeremy Lin's offer, writes Jared Zwerling of ESPNNewYork.com.  Felton knows that there will automatically be comparisons between his performance and Lin's, but as a competitor he believes that he is the superior player.  Here's more from around the Association..

Free Agent Rumors: Timberwolves, Rush, Mills

A couple more notable names came off the free agent market this morning, when Kris Humphries landed a two-year deal from the Nets and Grant Hill agreed to sign with the Clippers. While a number of solid rotation players are still available, the market is rapidly thinning for teams in search of starters. As clubs continue to jockey to sign the remaining available players, we'll track many of today's free agent rumors right here:

Earlier updates:

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Odds & Ends: Gordon, Cavaliers, Vazquez

Eric Gordon may have to win back some of the fans in New Orleans this year after comments he made about his "heart" already being in Phoenix and not wanting the Hornets to match after the Suns signed him to an offer sheet. Marc J. Spears of Yahoo elaborates on Gordon's thoughts throughout the free agency process and says that the Gordon is now committed to leading a young New Orleans team moving forward. Spears also says that the 6'3 guard has the ability to opt out after the third season and become an unrestricted free agent. Here's more of the miscellaneous tidbits what we've heard this evening..

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Odds & Ends: T-Wolves, Griffin, Nuggets, Hollins

Chris Haynes from CSNNW.com has confirmed that the Timberwolves offered Derrick Williams and two first round picks in exchange for Nicolas Batum earlier this summer. Portland, obviously, turned the deal down. (Twitter link). Batum has signed an offer sheet that was given to him by Minnesota, but Trail Blazers general manager Neil Olshey has repeatedly said he would match it before the Wednesday night deadline, sending him back to Portland on a four-year, $46.5MM deal. 
  • After tearing his left meniscus during a Team USA practise last Wednesday, Blake Griffin was forced to remove himself from the Olympic games. The Clippers forward had successful surgery today, and is still expected to be ready in time for training camp, tweets Yahoo! Sports columnist Marc J. Spears. 
  • The Nuggets are considering using their amnesty provision on forward Chris Andersen, tweets Gery Woelfel of the Racine Journal Times. Andersen has two years and $9MM left on his deal.

Earlier updates:

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Warriors, Bobcats Pursuing Carl Landry

MONDAY, 4:42pm: There are several teams pursuing Landry, with the Warriors and Bobcats "running neck and neck at the front of the pack," reports Gery Woelfel of the Racine Journal Times (via Twitter).

SATURDAY, 5:20pm: The Warriors met with Landry on Friday to discuss the possibility of the forward signing with Golden State, reports Marcus Thompson of the Bay Area News Group (Sulia link).

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Southwest Rumors: Anderson, Pargo, Miles

The Rockets have arguably been the Southwest team in the news most often this month, as they've pursued restricted free agents and continued to try to land a superstar like Dwight Howard via trade. For now though, Daryl Morey and the Rockets are playing the waiting game, as they wait to see whether the Knicks will match their offer sheet for Jeremy Lin. In the meantime, here are a few updates on Houston's division rivals….

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Odds & Ends: Fields, Scola, Blazers, Gordon

The Knicks’ deadline to match Landry Fields’ 3-year, $18.7MM offer sheet from the Raptors is tonight at 11pm CDT.  If they match Lin and Fields, the Knicks will have roughly $86MM committed to those two plus Carmelo Anthony, Amare Stoudemire, and Tyson Chandler for the 2014-15 season, tweets Al Iannazzone of Newsday.  Include Jason Kidd and Steve Novak and it’s more than $92MM committed to seven players.  The luxury tax penalties really start to get stiff in 2013/14 and that could make the Knicks' decision on Fields a difficult one.  Here's more from around the Association..

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T-Wolves Waive Webster, Trade Miller To Hornets

5:48pm: The Timberwolves have also traded Brad Miller and two second round picks to the Hornets for a future second round pick, the team announced today.

4:15pm: The Timberwolves have released Martell Webster, according to Adrian Wojnarowski of Yahoo! Sports (via Twitter). Webster's contract for 2012/13 was only partially guaranteed, so most of his $5.7MM salary will come off Minnesota's books. Assuming he clears waivers, Webster will become an unrestricted free agent and can sign with any team.

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Hornets, Clippers Talk Belinelli Sign-And-Trade

The Clippers have interest in Marco Belinelli, but having already committed their full mid-level exception to Jamal Crawford, don't have a ton of cap flexibility to sign him. As such, the Clips have discussed the possibility of a sign-and-trade deal with the Hornets, as we heard from ESPNLosAngeles.com's Ramona Shelburne earlier this week. However, according to John Reid of the Times Picayune, the Hornets aren't interested in L.A.'s offer of Ryan Gomes and a second-round pick.

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