I wouldn’t call this a ‘mega-trade’ but it’s a pretty significant in terms of the players involved and its impact on the potential departure of Chris Paul.

Chad Ford has the (brief) details:

In the proposed deal, the Houston Rockets will send Trevor Ariza to the New Orleans Hornets. The Hornets will send Darren Collison and James Posey to the Indiana Pacers. The Pacers will send Troy Murphy to the New Jersey Nets. And the Nets will send Courtney Lee to the Rockets.

Ford is now reporting that this trade is official.

Here is the deal in the ESPN Trade Machine. Click on the picture to see a bigger version.

Let’s look at the Hornets first since they’re the ones trying to satisfy Chris Paul. They are essentially trading away a good up-and-coming point guard in Darren Collison along with James Posey and the two years remaining on his contract. In return, they’re getting Trevor Ariza, who averaged 15-6-4 while shooting under 40% from the field last season for the Rockets.

I thought they might be able to get a little more for Collison, but Ariza is valuable because he’s an athletic wing who can score a little, but can really defend. He’ll fit in nicely alongside Paul, Marcus Thornton and David West in the Hornets’ starting lineup (assuming Monty Williams starts him). They were also able to shed Posey’s contract, which makes the Ariza acquisition a financial wash for the next two seasons. For the Hornets’ sake, I do wish he could shoot the three a little better, but maybe his 3PT accuracy will rise from its 2009-10 levels (33%) with Paul setting him up for better looks.

Meanwhile, the Pacers get their point guard of the future (Collison) by trading away Murphy, who is in the last year of his deal. Financially, Collison and Posey will cost them an extra $4.2 million because most of their salaries are offset by the loss of Murphy’s salary ($12.0 million) this season. This is really a great move by the Pacers. Collison is going to be a very good point guard in the NBA for a very long time.

As for the Rockets and the Nets — well, the Rockets will shed Ariza’s salary, giving them an additional $4.6 million of cap space heading into the summer of 2011. That should be more than enough to sign a max free agent. Conversely, the Nets add Murphy at the expense of Lee, but his deal is expiring, so it looks like he’ll serve as a stopgap at power forward while the franchise waits for Derrick Favors to develop.

In the end, is this a game-changer for Paul and the Hornets? No, but it’s a step in the right direction. After a summer of treading water (or even losing ground by trading away the #11 pick), the franchise has fully committed to Paul by trading away their backup plan (Collison) for someone who can help him win now.

Given this move, it looks like those who had written off the possibility that Paul would stay in New Orleans were wrong. I don’t think the Hornets would have swung this deal had they thought that Paul was serious about forcing a trade. Either that, or the Hornets have completely misread Paul’s intentions.