You read that right: Peja Stojakovic. The Hornets are trying to stay competitive without Chris Paul, and Peja’s 25-point, 13-rebound effort led New Orleans to a 110-103 win over the Pacific Division-leading Phoenix Suns. He was 7-11 from 3PT range on the night.

The win is especially impressive given David West’s off night (6p, 4r, 2-11 shooting), but the Hornets had a balanced attack with four other players in double figures.

The economy is really starting to take its toll on professional sports, and the NBA is no different. Bad contracts are bad even when the economy is pumping, but they really stand out in tough times like these. So I decided to look through the payrolls team-by-team to try to identify the worst contracts in the NBA. I expected to list 15-20 names, but I ended up scribbling down 68. That’s right, there are no fewer than 68 bad contracts in the NBA.

I didn’t include any of the players that are in the final year of their contracts because…well, what’s the point? They’ll be off the books in a few months anyway. Instead, I wanted to focus on those contracts that are going to haunt teams for years to come, so to be eligible, players have to have at least a year left on their current deals.

It’s tough to compare someone making superstar money to an average, everyday role player, so I split these 68 contracts up into three groups: the Overpaid Role Players, the Not-So-Super Stars and the Injury-Prones. I will rank them from least-worst to most-worst with the thinking that I wouldn’t trade the player for anyone further down the list but I would trade him for anyone previously mentioned. So, for example, if a guy is listed #7 within a particular group, I’m not trading him for anyone ranked #6-#1, but I would think seriously about moving him for a guy that is ranked #8+.

So let’s start with the role players and go from there…

(Note: In most cases, I don’t blame the player himself for his outrageous contract. The fault lies with the general manager that inked the guy to the deal. However, this rule goes out the window if the player has a history of only producing in his contract year – I’m looking at you, Tim Thomas.)

The trade deadline is Thursday, and trade talk is really heating up. Marc Stein gives us the latest.

Two rival executives we spoke with Sunday night immediately wondered whether the Suns’ decision to replace Terry Porter with Alvin Gentry would convince Phoenix to “tap the brakes,” as one put it, on its Stoudemire talks. If the Suns are going to try to recapture a semblance of what they had under Mike D’Antoni, with the only holdover from D’Antoni’s staff taking over, you can understand why Gentry would prefer to have Stoudemire for the rest of the season to help the cause.

Stoudemire is still under contract for another season, so it wouldn’t hurt the Suns if they wanted to see what Gentry could do with this group before moving their star player over the summer. I’d say that the Porter firing makes it more likely that Stoudemire stays put, though I’d still put the chances at better than 50/50 that Amare is moved before the trade deadline.

Check out the 1-2 punch of Chris Paul and David West last night against the Lakers: 72 points (25-47 from the field), 15 assists (all by Paul) and 14 rebounds. West was unstoppable for much of the second half; he drained 18-footers like they were layups and the Lakers simply didn’t have an answer for him defensively. He finished with 40 points and 11 rebounds, while Paul posted 32 points, 15 assists and three steals en route to an impressive 116-105 win. It’s tough to beat a team when two of their players post numbers like that.

For his part, Kobe Bryant kept the Lakers in it through much of the third quarter, scoring 20 of his 39 points in the period. But he only managed two points in the fourth quarter on 1 of 6 shooting from the field. Meanwhile, the Lamar Odom Watch continues. LO only got 12 minutes, but managed 12 points, three assists and a rebound in that limited run.

The Hornets have won 16 of their last 21 games. After kind of a shaky start, it’s good to see one of the premier teams in the West actually playing like title contenders. However, I just don’t know how far that Paul and West can take them. Peja Stojakovic (12.9 ppg, 40% FG%) and Morris Peterson (6.3 ppg) are shells of their former selves , and other than James Posey (10.0 ppg, 4.9 rpg), the Hornets don’t have many other scoring options. I really thought after his fine play last season that Julian Wright would make a big jump this year, but he’s been struggling with a sore ankle and has only appeared in limited minutes in 16 games thus far.

New Orleans was one of the best teams in the league last season. Chris Paul played at a MVP level and David West blossomed into a bona fide All-Star. Tyson Chandler turned into one of the best defensive centers in the league and the team got solid play from Peja Stojakovic and Morris Peterson. Over the second half of the season (and the playoffs) it looked like Julian Wright was turning into a starter-quality player right before our eyes.

Fast forward a few months, and after adding NBA Finals hero James Posey, the Hornets have lost five of their last seven games and are sitting at 5-5. It gets worse: they lost to Charlotte two weeks ago and lost last night, at home, to a Sacramento Kings team that was without Kevin Martin.

But Posey certainly is not the one to blame. His PER of 14.18 is actually the second-highest of his career. The only disadvantage I can see to the Posey signing is that it has taken valuable minutes away from Julian Wright.

No, the problem in New Orleans is not Posey, Paul, West or Chandler. They’re all posting the same numbers as last season. The problem is Peja Stojakovic. The team is paying him $13 million this season (and owe him another $29.5 million over the next two seasons) for the privilege of having him shoot 37% from the field and 38% from long range. Stojakovic is a poor defender, so if he’s not knocking down shots, he’s hurting the Hornets on both ends of the court. And right now he’s not knocking down shots.

I didn’t like the Stojakovic trade when it happened, and I really don’t like it now. I’d like to see the Hornets move him and give more minutes to Posey and Wright. But it’s going to be tough to find a team that wants to trade for a 31 year-old shooter who has two years left on a bloated contract and hasn’t shot better than 44% since the 2004-05 season. Stojakovic helped the team last year because he shot 44% from long range. Unfortunately, that was a career-high, and he’s not likely to match it this season.

With 12 games on the docket for Friday, there is bound to be a few games worth watching. I’m going to keep my eye on these games…

Trail Blazers (5-3) @ Hornets (4-3), 8 PM ET
The Blazers have won four straight and their first two of a five-game road trip. Rudy Fernandez, Brandon Roy and LaMarcus Aldridge have been outstanding, and they just got Greg Oden back on Wednesday. The Hornets are 4-3 need a win here to get back on track. They are just 2-2 at home with losses to the Lakers and the Hawks. Chris Paul is in MVP form and David West is playing well, but they aren’t getting much from Peja Stojakovic (39% FG%). Byron Scott is (ponderously) only playing Julian Wright in very limited minutes, which is surprising considering how strong Wright came on last season.

Pistons (6-2) @ Lakers (7-0), 10:30 PM ET (ESPN)
Detroit is hitting the second of a back-to-back, so the Lakers have a distinct advantage tonight. Still, if the Pistons are on their game, they can test the Lakers. Allen Iverson is averaging 21.8 points, 7.0 assists and 4.8 rebounds in four games with the Pistons. Meanwhile, the Lakers are still trying to figure out how to use Lamar Odom off the bench and are trying to get something other than defense out of Andrew Bynum. The upside is that Trevor Ariza is starting to look like a star (or at least a starter) in the making.

Offseason Movement: The Hornets #1 job this offseason was to lock up Chris Paul, and they managed to sign the superstar point guard to a deal that runs through 2013. GM Jeff Bower poached James Posey from the Celtics in a move that will bolster the team’s bench. He also signed Devin Brown to give the team some depth at guard.
Keep Your Eye On: The Hornets’ wings
In Chris Paul, David West and Tyson Chandler, New Orleans has three of the top players in the league at their respective positions. (Chandler isn’t an offensive force, but he’s a terrific shot blocker and rebounder and his contract is a bargain at the center position.) The key to the Hornets success might be the play at off guard and small forward, which are currently manned by Morris Peterson and Peja Stojakovic, respectively. Both players are 31 and have shown signs of decline. Neither player is a defensive force, so if their shots aren’t falling, there’s really no reason for them to be on the floor. Julian Wright is an up-and-coming small forward who played very well in limited minutes last season and James Posey was signed for his championship experience, tough defense and clutch shooting. Devin Brown will also play a factor.
The Big Question: Can the Paul/West combo lead these Hornets to the Finals?
Both Paul (23) and West (28) are in their primes so the championship window is wide open. They nearly upended the Spurs in last year’s playoffs and have added a valuable piece (Posey) to their championship puzzle. The Hornets need good shooting from their wings to give Paul and West the space to operate. Whomever is on the floor in crunch time needs to be able to knock down shots because inevitably the Hornets’ season will depend on it.
Outlook: With Paul locked up for five years and West locked up for the next three, the Hornets are clearly in their championship sweet spot. But it seems like the team is one player away from being a serious title contender. Stojakovic was supposed to be that guy, but his defensive limitations and suspect shooting in the clutch may make the Hornets regret signing that huge contract two summers ago (if they aren’t already regretting it). Don’t be surprised if Posey gets a lot of crunch time minutes. If he can perform like he did with the Celtics last season, the Hornets have a good shot of getting out of the West.