ESPN.com is reporting that the Raptors and Pacers have agreed to a trade that would send Jermaine O’Neal to Toronto for T.J. Ford, Rasho Nesterovic and the #17 draft pick. This trade has been rumored for a while, but it looks like it might actually happen. Due to the status of Ford’s contract, it won’t be official until July 9th.

I love this trade for the Pacers. They get a point guard who can be the floor general they need to orchestrate Indiana’s up-tempo attack. They also get out from underneath O’Neal’s monster contract, which runs for two more seasons at the tune of $44.3 million. Nesterovic is in the final year of his contract, so the Pacers may actually have some salary cap flexibility in the near future.

Lastly, they get the #17 pick, which gives them two middle-round picks in tomorrow’s draft. They could package them and move up, or keep them both and get a couple of nice prospects.

Conversely, the Raptors have long wanted a big body to help Chris Bosh inside, so rolling the dice on O’Neal makes some sense. If he can come back at 100%, the Raptors will be able to put a formidable lineup out on the court. With Jose Calderon, Bosh and O’Neal, they have a nice trio to build around.

Injuries have been the biggest issue for both Ford and O’Neal. It’s only fitting that two are involved in the same trade.