With the news that David West plans to test free agency once a new CBA is finalized (whenever that is), the Hornets have two choices: 1) let him walk and further hurt their chances of re-signing Chris Paul, or 2) overpay to keep West. Let’s assume they do the pragmatic thing and let him walk. At that point, the franchise needs to take the long-term view and try to rebuild. Paul will most likely leave at the end of the season, so the Hornets should try to get as much as they can while they can, or else they’ll end up like the Cavs or the Raptors, watching their star walk away with very little to show for it.

With that in mind, here are five semi-reasonable trade offers for Chris Paul. I use the phrase ‘semi-reasonable’ because New Orleans fans need to keep their expectations in check — teams are never able to get equal value for their disgruntled/one-foot-out-the-door stars.

1. Thunder trade Russell Westbrook, Cole Aldrich, Thabo Sefolosha and Nate Robinson for CP3.
See this trade in the ESPN Trade Machine. The key to this trade is obviously Westbrook — a young All-Star who has proven that he’s not ready to lead the Thunder, who could absolutely take over the Western Conference if they could get heady, consistent point guard play. Westbrook is only 22, and could eventually develop into a top tier point guard, but right now he doesn’t know how to run a team. He turns the ball over way too much and his shot selection in crunch time is suspect at best. The Thunder shouldn’t wait for him to develop; with the Lakers and Spurs on the decline and Dirk Nowitzki getting older, the time is now for OKC. On the flip side, the Hornets have the luxury of letting him develop. Who knows, maybe he turns into a top 10 player. Even if he has plateaued, a 22-year-old All-Star is not a bad haul for CP3, who is likely out the door next summer. Aldrich and Sefolosha sweeten the deal a little bit, balance the salaries out, and give the Hornets a couple of young rotation players. As for Paul’s contract situation, call me crazy, but I think he signs a long-term deal given the opportunity to play with Kevin Durant and James Harden.

2. Celtics trade Rajon Rondo, Jeff Green and Nenad Krstic for CP3 and Aaron Gray.
See this trade in the ESPN Trade Machine. This is a ‘one last run’ move for the Celtics, who aren’t going to get past the Heat and Bulls with their current lineup. Paul adds a new dimension to the Celtics offense and would be deadly in the pick-and-pop with Kevin Garnett. Plus, he’d give the Celtics a guy to build around once they decide to part ways with KG and Ray Allen, allowing Paul Pierce to fill a more complimentary role. (This assumes that Paul would be willing to re-up with the Celtics.) For the Hornets, they get an All-Star point guard who has had more ups than downs, along with a versatile forward (Green) who has proven he can score 16+ a game.

3. Clippers trade Eric Gordon, Mo Williams and the T-Wolves’ unprotected 2012 first round draft pick for CP3.
See this trade in the ESPN Trade Machine. Gordon developed into a 22 ppg scorer in just his third season in the league. Williams is a capable point guard (and former All-Star), but the other key to this trade is the Wolves’ unprotected 2012 first round pick that the Clippers own as part of the Marko Jaric trade. (That’s right, the T-Wolves are still paying for Marko Jaric.) With the direction Minnesota is headed, the pick is likely to be in the top 5, so the Hornets would likely get another player with star potential in the Draft. The Clippers would be able to pair CP3 with Blake Griffin, but the question is would there be enough talent on the roster to convince both players to re-up? Plus, there’s the Donald Sterling Factor.

4. Grizzlies trade Rudy Gay and Mike Conley for CP3.
See this trade in the ESPN Trade Machine. The Grizzlies proved that they could win without Gay, but struggled in crunch time because they didn’t have a playmaker on the perimeter. Paul would fit in well with Zach Randolph and Marc Gasol and maybe he’d be able to coax better production out of O.J. Mayo as well. The Hornets would get a very good small forward in Gay (20-6-3, 40% 3PT) along with an improving point guard (Conley) to replace Paul. The problem with this trade is Paul’s willingness to sign a long-term deal. It’s not likely that he’s going to want to stay in Memphis for the next five years.

5. Hawks trade Josh Smith and Jeff Teague for CP3.
See this trade in the ESPN Trade Machine. Perhaps Atlanta would need to include a first round pick to sweeten the deal, but Smith is a borderline All-Star (and possibly Atlanta’s best player) and Teague played very well when given the keys in the Playoffs. The Hawks would have one of the best backcourts in the league in Paul and Joe Johnson, and Al Horford is more than capable of hitting jumpers off the pick-and-pop. The Hornets would get a supremely talented power forward to replace David West and Teague could emerge as a starting-caliber point guard in a year or two.

In the end, the Hornets probably won’t make a bold trade including Paul, but the longer they wait, the worse off they’ll be. The Nuggets did all right with the Carmelo trade, but it nearly destroyed their season.

This Memphis team deserves a lot of credit. The Grizzlies are playing some very good basketball right now on both ends of the court. In Sunday’s Game 1, they allowed Kevin Durant (33 points) and Russell Westbrook (29 points) to get theirs, but they turned the Thunder over 18 times, which led to a +11 margin in shot attempts, and that turned out to be the difference in the game.

I’ve been harping on Russell Westbrook for a while, but the more I see him play, the more I realize that he’s simply not a point guard. He should play off guard a la Dwyane Wade. That way, he’d still be able to be a big part of the offense, but he wouldn’t be responsible for handling the ball all the time and setting his teammates up, two things that he struggles with. He had seven turnovers and 14 missed shots, so there’s 21 possessions where the Thunder didn’t score. He also gets stuck defensively on ball screens, and if he was playing more off guard, he’d be chasing screens off the ball, an area at which he excels. That said, the Thunder passed on Ricky Rubio and Stephen Curry in the ’09 draft and they don’t seem poised to move Westbrook off the ball anytime soon.

But back to the Grizzlies. Zach Randolph may be playing the best basketball in the playoffs right now. He scored 34 points and snagged 10 rebounds, while Marc Gasol went for 20-13 on 9-of-11 shooting. What’s interesting about this pair is that they wouldn’t be in Memphis if not for owner Michael Heisley’s decision to trade Pau Gasol to the Lakers a few years ago. Marc Gasol came over in the trade, but no one thought he would develop into the all-around big man that he has become. The Grizzlies were able to afford the trade for Randolph since they had the cap space left by the Pau Gasol trade.

At the time, the acquisition of Randolph didn’t look very promising considering he was overpaid and underachieving. But he has settled in nicely in Memphis and the duo have formed one of the best one-two frontcourt punches in the league. The Pau Gasol trade was still terrible on paper, but it has since worked out for both teams (albeit more so for the Lakers).

Game 2 of the series is on Tuesday night on TNT.

And according to ESPN’s John Hollinger, they can thank rookie Xavier Henry for slowing down Kobe Bryant for much of the game.

Memphis’ Xavier Henry checked the Lakers’ superstar for most of Tuesday night with little help, and the result was a 9-of-25 shooting night for Kobe and a 98-96 win for the Memphis Grizzlies.

While he wasn’t on the floor at the end for L.A.’s deja vu final possession — for the second season in a row in Memphis, Kobe kicked out to Ron Artest for a 3-pointer that missed at the buzzer — Henry was the protagonist during a stretch of 11 straight misses by Bryant midway through the game that allowed the Grizzlies to build a double-digit lead.

Henry wasn’t getting double-team support, either. He was one-on-one against Bryant for much of the night and, thanks to his size and discipline, largely held his own. The effort was so good Henry’s coach compared him to another player who has been known to limit Bryant.

“I remember when we interviewed [Henry] in Chicago,” Grizzlies coach Lionel Hollins said, “and I went away saying, ‘That’s Shane Battier all over again.’ He’s poised, he’s mature [and] he understands the big picture of what’s going on. That’s what you like to see in all your players coming into the league.”

It was a sweet win for the Grizzlies, who have been been the butt of jokes since the dreadful trade that sent Pau Gasol to L.A. and allowed the Lakers to win consecutive titles. Owner Michael Heisley continued his unintentional comedy act by trying to nickel and dime Henry after this year’s draft.

The Grizzlies are now 8-10 on the season and are sitting in the #10 spot in the West. The Lakers’ third loss sends them to 13-5 and the #4 spot in the conference.

This year, I’m going to preview the NBA season by starting with the lowest of the low and working my way up to my Finals picks. If a franchise is a legitimate championship contender, I’ll focus on what stars have to line up for a title run. If a team is a playoff also-ran, I’ll identify the weaknesses that have to be shored up via trade, free agency or draft over the next couple of seasons to make it a contender. If a team is likely to miss the playoffs, I’ll take a look at the salary cap, and provide a blueprint for how the team should proceed in the near future to get back in the postseason.

#20: Charlotte Bobcats
One thing’s for sure – Larry Brown will have his team competing. But with the loss of Raymond Felton to free agency, Charlotte turns to D.J. Augustin as its starting point guard, while Shaun Livingston is expected to back him up. Unless the light suddenly goes on for one of these guys, the Bobcats are going to struggle to make the playoffs in the much-improved Eastern Conference. I think their main competition for the #8 spot is the Knicks, which should be interesting because the two teams play such different styles. Cap-wise, the Bobcats won’t have any financial flexibility until 2012 when Boris Diaw, Eduardo Najera, and (probably) Gerald Wallace come off the books. The Bobcats are in no man’s land. They’re not good enough to compete for a title, but just good enough to miss landing a sure-fire star in the lottery.

#19: Phoenix Suns
I feel bad for Steve Nash, who will likely go down as one of the greatest players never to play in a Finals. The former back-to-back MVP lost Amare Stoudemire to the Knicks, and the Suns replaced him with Hedo Turkoglu, Josh Childress and Hakim Warrick. I do like the addition of Childress, but if they’re asked to play power forward, Turkoglu and Warrick are going to have a lot of trouble on the defensive end. If Phoenix can keep the incredible chemistry that it developed last season, the Suns could finish a few spots higher and compete for a playoff spot, but without Stoudemire’s finishing ability, the team is going to be overmatched most nights. Payroll-wise, the Suns will have the flexibility to add a good player next summer, but it will mean the loss of Jason Richardson, who is in the final year of his deal. Sadly, I think the days of Nash playing for a legit contender are over. It was fun while it lasted.

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Grizzlies owner Michael Heisley is a character. He appeared on the Chris Vernon Show recently and got into a…um…spirited debate over whether or not the Grizzlies should exercise a little-known clause in the collective bargaining agreement that allows for teams to negotiate a performance incentive into rookie contracts.

Xavier Henry is still unsigned due to Heisley’s insistence on this performance incentive. Rookie contracts are generally ‘rubber stamp’ type deals where the player gets the max (120% of the rookie scale) and he signs immediately. Heisley claims that the Grizzlies are not the only team to use this strategy, but he was unwilling to name any names and I certainly haven’t heard of any other teams doing so.

On the show, Heisley is passive-aggressive, condescending and entertaining, and in addition to the Henry negotiations, he defends the Pau Gasol trade, the Zach Randolph acquisition, and his decision to draft Hasheem Thabeet over Ricky Rubio.

Matt Moore of CBSSports called the interview an ‘abject trainwreck,‘ while Chris Harrington of the Memphis Flyer called it ‘borderline-embarrassing.’

Xavier Henry elected to sit out of summer league because his agent couldn’t come to terms on a contract with the Memphis Grizzlies. (Memphis Commercial Appeal)

NBA rookies are slotted into a salary — a number that can be negotiated between 80 and 120 percent.

The Griz are offering Henry 100 percent of the rookie salary and have proposed that the additional 20 percent be earned through bonuses. Griz brass contend the incentives are easily attainable.

However, it has been customary for NBA lottery picks to receive 120 percent of the slotted salary without hurdles to leap.

So who looks bad in this case?

Both parties are to blame.

Griz owner Michael Heisley and Tellem seem to have engaged in a power struggle over relative chump change by NBA standards, and neither has Henry’s best interest at heart.

While it is standard for rookies drafted in the lottery to receive the maximum contract allowed, it is just as customary for rookies to play in summer league without a signed deal.

Teams pay for insurance to cover the player’s worth for that week. Memphis did just that so Vasquez could participate in summer league without a deal. Then, all parties go back to the negotiating table and get a contract done before training camp.

I was unaware of the 80%-120% range, so at least something good came out of this situation.

The writer blames ‘both sides,’ but the Grizzlies started this struggle by only offering 100% instead of the standard 120%. Henry may not respond the way other rookies have in the past, but there’s no doubt that the team started this conflict.

Meanwhile, Henry missed summer league and is now further behind the curve.

Want to read Part 1 first? Click here.

Mavs acquire Tyson Chandler, re-sign Brendan Haywood (6/$55 M).
Dallas missed out on Marcin Gortat last summer and in Chandler/Haywood they have a pretty good two-headed defensive center. If they split time and produce at 09-10 levels, the Mavs will get 14-14 and 2.7 blocks per game. But that production does come at a price. Chandler is in the last year of his deal ($12.6 M) and Haywood’s deal is fairly outrageous for a 30-year-old. The Mavs will need both players to produce if they hope to get past the Lakers’ talented bigs.

Zydrunas Ilgauskas is reportedly signing with the Heat. (2/vet’s min)
It’s not clear how much ‘Big Z’ has left in the tank, but at the veteran’s minimum, it doesn’t have to be much. The Heat just need Ilgauskas to play 15-20 minutes, protect the glass and hit his patented set shot. Veterans appear to be lining up to play with the Super Friends.

Kyle Lowry signs with the Cavs. (4/$24 M)
Byron Scott said he wants the Cavs to push the ball more and Lowry is a talented point guard who hasn’t had a chance to start, but has been productive in major roles for Houston and Memphis in his young career. Whether or not he starts for the Cavs remains to be seen. Mo Williams is still there and was an All-Star just two seasons ago. Also, Lowry is restricted and the Rockets have a week to match the Cavs’ offer. Update: It looks like the Rockets are going to match the offer. Daryl Morey always seems to get something for his assets, so maybe the two teams will make a trade.

Steve Blake signs with the Lakers. (4/$16 M)
Blake should be a nice fit in the Lakers’ triangle offense. He lacks the speed to beat guys off the dribble, but he’s a good passer (4.8 apg) and a solid spot up shooter (39% 3PT), two requirements to play alongside Kobe in L.A. With Jordan Farmar on the way out, Blake and Derek Fisher will likely split time at the point.

Tony Allen signs with the Grizzlies. (3/$10 M)
Jeff Van Gundy called Allen the best perimeter defender in the league, and the C’s curiously let him sign elsewhere for around $3 million a season. He is a very good defender. I watched him cover LeBron James, Vince Carter and Kobe Bryant in consecutive playoff series and he didn’t give up very many easy shots. Why Boston would let him go is beyond me.

Panic has set in in Memphis, as the Grizzlies have agreed to a five-year extension for Rudy Gay without letting the restricted free agent test the market.

The Memphis Grizzlies and restricted free-agent Rudy Gay have agreed in principle on a five-year contract, The Commercial Appeal has learned.

NBA sources indicated that Gay will sign the deal on or soon after July 8 when teams are allowed to finalize contracts.

Gay’s starting salary will be the maximum allowed a player with his experience – projected to be roughly $13.3 million – according to sources.

I highlighted the key part in bold. The Grizzlies waited all this time, said over and over that they’d match any offer he received, and then they turned around and gave him a max deal before he had a chance to sign an offer sheet.

Why not let Gay go out and negotiate a deal and then match it? Why agree to pay him the max when there’s no proof that he’d get a max offer?

Yes, he was likely to get a big offer, and perhaps the Grizzlies just wanted to be proactive and keep one of their star players happy. But by making this deal, they may have cost themselves millions of dollars. Rudy Gay is no ‘max’ player, at least not at this stage of his career.

But he’s about to make max money.

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Ronald Tillery of the Commercial-Appeal thinks so…

One team that will make a strong run at Gay is the Minnesota Timberwolves. Team owner Glen Taylor and president of basketball operations David Kahn have already targeted Gay as an attainable player to uplift the struggling franchise.

Griz owner Michael Heisley continues to insist that Gay will be a Grizzly next season. Memphis (namely Heisley) has the right to match any offer sheet that is presented to Gay from another team.

Gay would be a nice fit in Minnesota who could use his scoring on the wing. Neither Kevin Love nor Al Jefferson are terribly athletic, so Gay would help bolster the Minnesota front line. I am sure that David Kahn is envisioning Ricky Rubio feeding the ball to Gay on the break in two years.

But when the owner insists he’s going to match any offer for one of his restricted agents, it’s usually a good sign that it’s going to happen. He holds the purse strings, so he can spend whatever he wants to retain Gay. The Grizzlies can sit back, wait for Gay to work out a deal with another team, and then match it. Memphis has an advantage over, say, the Knicks, who hope to land LeBron James, Dwyane Wade and/or Chris Bosh. But if a team makes David Lee a “take it or leave it” offer on July 1, the Knicks may not have much time to beat it since they’ll be waiting on answers from LeBron and Co.

Gay is not a “max” player, but there’s a good chance that he gets a max deal, or at least a maximum offer from a team who doesn’t hold his Bird rights. This may help the Grizzlies a little bit because they won’t be on the hook for that extra year and the additional $30 million.

Gay is a nice player — he averaged 20-6-2, 47% FG, 33% 3PT — but he’s not a max guy. Chances are that whoever ultimately signs him this summer will have to overspend for his services, especially with so much cap space floating around.

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