REPORT: Knicks, Kings, Rockets complete three-way trade, McGrady to New York

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UPDATE 4 2:06M: Marc Stein of ESPN is reporting that Hilton Armstrong will also go to Houston. Armstrong’s is an expiring contract. The Rockets now possess an army of capable big men with which to conquer the Earth.

UPDATE 3 1:41PM: Chad Ford chimes in with the two picks that were sent to Houston from New York and their protections. In short, New York got robbed. The Rockets can swap their 2011 pick with the Knicks unless the Knicks’ pick is the #1 overall, and they will send their 2012 pick to Houston unless it is a top five pick. In short, Daryl Morey runs this game. Keep in mind that New York is already without it’s 2010 first rounder thanks to Isiah Thomas (the Jazz have that pick).

UPDATE 2 1:33pm: An important slice of this deal is that versus the original Kevin Martin-Tracy McGrady deal, Kenny Thomas is not included, meaning Sacramento retains his $8.9 million expiring contract which is a fairly large chunk for the Kings to save. They’ve essentially swapped efficient scoring guard Martin for efficient scoring big Carl Landry, and more cap room. With this development, it looks like a win-win-win all-around.

UPDATE: Here are the details, as first reported by ESPN: Sergio Rodriguez and TMac to Knicks, Jared Jeffries, rookei forward Jordan Hill, Kevin Martin, and picks to Houston, Larry Hughes, Landry, and Dorsey to Sacramento. If this report is accurate, the Kings have greatly missed out on an opportunity to cash in on McGrady’s value to the Knicks. We’ll keep you updated.

Yahoo! Sports is reporting via Twitter the Kings have traded Tracy McGrady to the New York Knicks.