ESPN has the details.

The Knicks will acquire McGrady and Sergio Rodriguez from Sacramento, sources said.

The Rockets get Kevin Martin, Jordan Hill and Jared Jeffries from New York and will have the right to swap first-round picks with New York in 2011 as well as take on New York’s 2012 first-round pick.

Sacramento obtains Houston’s Carl Landry and Joey Dorsey and New York’s Larry Hughes.

This differs from the Rockets/Kings deal I wrote about earlier in that Houston will take on Jeffries’ contract next season and in return get a prospect (Jordan Hill) the right to move up in the 2011 draft. In addition, the Rockets get the Knicks’ pick in 2012. I love this trade from Houston’s perspective.

The Knicks get to see if T-Mac has anything left in the tank and a decent young point guard in Sergio Rodriguez (6 points/3 assists in 13 minutes of PT for the Kings). More importantly, they free up enough cap space (~$30 million) two sign two big-name free agents this summer.

I’m not sure why the Kings wanted to get the Knicks involved. They’re taking on Hughes contract for this season, so I guess it will save them the trouble of buying T-Mac out.

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