It was a disappointing season for Chris Paul and Co. as they were unceremoniously eliminated from the playoffs last night in Denver. After last season’s near-miss against the Spurs in the Western Conference semis, along with the addition of do-it-all forward James Posey, many pundits (including myself) thought that they might be the team best positioned to threaten the Lakers’ chances of a return trip to the Finals. But it was not to be.

According to John Hollinger’s PER, Chris Paul had an even better statistical season than last year, when he was in serious contention to become the league’s MVP. David West played his usual 21/9 ball as well.

So what happened?

1. Tyson Chandler wasn’t himself. He battled injuries all year and was even traded to Oklahoma City (and subsequently untraded due to the Thunder’s concerns about his foot). Here are his stats for the last three seasons:

’06-’07: 9.5 ppg, 12.4 rpg, 1.8 bpg, 62% FG%
’07-’08: 11.8 ppg, 11.8 rpg, 1.1 bpg, 62% FG%
’08-’09: 8.8 ppg, 8.7 rpg, 1.2 bpg, 57% FG%

That may not seem like much of a fall off, but three points, three rebounds and a 5% decrease in field goal shooting certainly has an effect. It’s not Chandler’s fault that he had some nagging injuries, but that was part of the reason for the Hornets’ decline.

2. Peja Stojakovic went from average to bad. I’ve been railing on Peja’s game for the last few seasons, insisting that the trade that brought him over from Indiana was a bust and that his contract would ultimately put the franchise in a tough financial spot. Fast forward a couple of years and his PER dropped from a just-above-average 15.74 last season to a poor 12.54 this season. And it’s not like this guy is a lockdown defender whose value can’t be measured in statistics. He’s pretty bad defensively. He’s supposed to be a shooter that can space the court for Chris Paul’s drives, only he shot sub-40% from the field and sub-38% from long range.

Moreover, his salary runs another two seasons at the tune of $29.5 million, so he’s like an anchor hanging on the neck of the Hornets’ balance sheet. So much so that the Hornets were forced to (try to) trade one of the best defensive centers in the league in a straight up salary dump. What’s amazing is that Stojakovic played the third-most minutes (34.2) on the team, while promising second-year man, Julian Wright, is left to languish on the bench. Throw in Rasual Butler’s less-than-stellar PER (11.82), and you have a pair of very unproductive wings. (But least Butler can defend.) At some point, Byron Scott should have seen the writing on the wall and give Wright some of Peja’s minutes. Start Stojakovic and if he gets off to a hot start, great, if not, give Wright 20-25 minutes and see what he can do.

Unfortunately for the Hornets, Peja’s contract is unmovable at this point, so they’re just going to have to ride it out. Since they almost traded away Chandler, they don’t seem to be in a position to add any talent via the mid-level exception, so they are pretty much stuck with the roster they have. They have to hope that Chandler can get healthy (possible) and that Peja can rediscover his game (doubtful). Their best bet is to give Wright more minutes and hope that he can develop into a solid starter. That seems to be the only way that New Orleans can once again become a serious contender in the short term.

Tyson Chandler missed the New Orleans Hornets’ last 12 games before the All-Star break with a sprained left ankle. But that had nothing to do with why he failed his physical with the Oklahoma City Thunder and was thus sent back to the Hornets on Wednesday.

After examining Chandler’s left big toe, Dr. Carlan Yates, Oklahoma City’s team physician, determined that the risk of re-injury was too great to give Chandler a clean bill of health. He therefore advised the Thunder to rescind Tuesday’s trade that landed them Chandler for Joe Smith, Chris Wilcox and the rights to Devon Hardin.

“This is absolutely crazy,” Chandler said in a telephone conversation Wednesday night. “I’m super shocked. This is nuts.”

Chandler, 26, was baffled by Yates’ ruling in part because Yates performed surgery on Chandler’s big left toe in April of 2007 when the Hornets were playing in Oklahoma City. Chandler played 79 games the following season and while he’s missed 19 games this season, none have been because of his toe.

“He said he doesn’t know how long I’ll last,” Chandler said in reference to Yates. “He told me, ‘I have no doubt you can play on it. I’m just saying it could take a turn for the worse if you come down on somebody’s foot or hyperextend it or something.’”

Oklahoma City was looking at Chandler as a long-term solution in the middle, but concerns over the toe made it impossible to count on him in that capacity. They didn’t want to take the risk, and that’s their right. They can now use that cap space on another center this summer or next.

For the Hornets, it makes for a somewhat awkward reunion. David West and Chris Paul were none too pleased about the decision to trade Chandler away, so they were happy to hear the news. For his part, this is what the Hornets’ GM had to say.

“We welcome Tyson back with open arms,” Hornets general manager Jeff Bower said. “We went into this trade to garner more frontcourt depth to add to our team as we continue our push towards the playoffs. We expect Tyson and the rest of our big guys to step up to the challenge.”

All right, Bower is flat out lying here. They tried to make this trade for salary cap relief, not to “garner more frontcourt depth.” West said it best…

“This move has nothing to do with basketball. It was strictly a business decision. Using some common sense, that’s what it came down to. I was hoping that all of it was a rumor. We have now become one of the smaller teams, and we really have put ourselves back in the situation we were in two years ago when we had a big hole in the middle.”

If Chandler is able to return and get back to the type of play we’re used to, the Hornets will once again be a major factor in the Western Conference playoffs. His PER was a stellar 17+ the last two seasons but it is sitting at 14.16 right now, and injuries are to blame.