The answer is yes, according to Marc Stein’s sources.

Sources with knowledge of the trade parameters told ESPN.com that the deal was approved by the league office Tuesday afternoon, with the Hornets receiving forwards Joe Smith and Chris Wilcox in exchange for their best interior defender.

ESPN.com reported early Monday that the Hornets — who have been looking to move Chandler mostly for financial reasons — were in talks with the Thunder on a trade that would net the expiring contracts of Smith and Wilcox. Thunder general manager Sam Presti is a long-time admirer of Chandler dating to his time with the San Antonio Spurs.

The Thunder also possess numerous draft picks to sweeten trade packages — including five first-round picks in the next two drafts — but Presti was able to land an accomplished center to complement his promising young trio of Kevin Durant, Russell Westbrook and Jeff Green without surrendering any major draft considerations.

With a payroll at nearly $67 million this season and scheduled to reach almost $77 million next season, New Orleans felt it had to part with Chandler before Thursday’s 3 p.m. trading deadline regardless, even though dealing away the 26-year-old almost certainly takes the Hornets out of serious playoff contention in the West.

“…even though dealing away the 26-year-old almost certainly takes the Hornets out of serious playoff contention in the West.”

This is the first time that I can remember (though I’m sure there have been other cases) that a serious title contender traded away one of its best players for financial reasons.

When I saw the headline — “’09 free agents may be better than ’10 class” — I was ready to jump all over David Aldridge for saying that any free agent class could be better than the one that will likely feature LeBron James, Dwyane Wade, Chris Bosh and Amare Stoudemire. But as I read the full article, he made some sense. I still don’t agree with him, but I see his point.

Here’s a look at the possible free agents in ’09:

Those with asterisks either have options for ’09 or can terminate existing contracts for ’09, and many are expected to do one or the other, for one reason or another:

Kobe Bryant*, Carlos Boozer, Shawn Marion, Ron Artest, Lamar Odom, Hedo Turkoglu*, Mehmet Okur*, Andre Miller, Mike Bibby, Jason Kidd, Allen Iverson, Rasheed Wallace, Kyle Korver*, Anderson Varejao*, Drew Gooden, Stephon Marbury, Grant Hill, Brandon Bass, Joe Smith, Wally Szczerbiak, Zaza Pachulia and Anthony Parker. Jermaine O’Neal could join the group if he walks away from $23 million next season. (Don’t hold your breath. There’s no asterisk by Boozer because he’s already said he’s opting out next summer.)

Aldridge has four major arguments:

1. 2010 is fool’s gold.

It doesn’t take a rocket scientist to figure out that unless seismic changes take place, James is either going to stay in Cleveland in 2010 or go to New York. Maybe Los Angeles. Wade will almost certainly choose between Miami, New York, L.A. and Chicago. Bosh will choose between the preceding cities and, perhaps, Detroit. And that’s it.

Without the Big Three on the market for most NBA cities, the ’10 class loses a good bit of its luster. That’s going to leave a lot of teams with max money to spend on mostly not-max players.

Well, it turns out Mets’ GM Omar Minaya wasn’t messing around when it came to fixing his team’s biggest problem–the bullpen. A day after agreeing to terms with record breaking closer Francisco “K-Rod” Rodriguez, Minaya pulled the trigger on a blockbuster trade involving two other teams, Seattle and Cleveland. The Mets acquired Mariners’ closer JJ Putz and RHP Sean Green from Seattle and OF Jeremy Reed from Cleveland; they sent OF Endy Chavez, RHP Aaron Heilman, and minor leaguers Maikel Cleto, Ezequiel Carrera, Jason Vargas, and Mike Carp to Seattle and RHP Joe Smith to Cleveland; Cleveland sent IF Franklin Gutierrez to Seattle; and Seattle sent Luis Valbuena to Cleveland.

Essentially what this means for the Mets is that they traded Heilman and Smith for Putz, while swapping marginal outfielders. The move is good for Seattle, who received a ton of young players, and for Cleveland, who now have a reliable sinker ball pitcher to put in front of new closer Kerry Wood. But it’s huge for the Mets, who will put Putz in the set-up role in front of K-Rod. Putz will earn just $5.5 million in 2009 and has a team option in 2010 for $9.1 million, and K-Rod’s contract also features a lot of money on the back end of his contract. That means Minaya and the Mets will have decisions to make in 2010 and beyond, but for 2009 in shiny new Citi Field, they have given themselves possibly the best one-two bullpen punch in the majors, and any lead after the seventh inning will almost certainly result in a win. Things still have to play out on the field, but that’s already a far cry from the two epic collapses of 2006 and 2007.

Meanwhile, the Braves and Yankees appear to be in a bidding war for RHP A.J. Burnett. The Yankees were not satisfied with just C.C. Sabathia, and are looking to fortify their rotation with Burnett, and/or Ben Sheets, Andy Pettitte or Derek Lowe. The Braves offered four years with a fifth year option, all totaling $80 million, to Burnett; and since then, reports surfaced that the Yanks upped their offer to $91 million, but that was incorrect, and it’s said to be more in the same $80 to $85 million range the Braves are offering, but with five years guaranteed. It’s unclear if the Braves can win a real bidding war with New York, but with the numbers close, this one will surely be more a matter of where Burnett wants to live and work for the next few years.

Offseason Movement: The team acquired forwards Desmond Mason and Joe Smith as part of the three-way trade that sent Luke Ridnour to the Bucks. Basically, it was a salary dump, as Mason and Smith are both in the final years of their contracts. They’ll back up Jeff Green and Chris Wilcox, respectively.
Keep Your Eye On: Russell Westbrook, G
Westbrook is a terrific athlete who saw his stock rise before the draft. He’s lightning quick and is a decent scorer, but he didn’t play much point in college, so the idea is for him to play behind Earl Watson for a while until he gets the hang of it.
The Big Question: How long will this rebuilding job take?
It will probably take a while. Kevin Durant is the franchise centerpiece, and while he won Rookie of the Year last season, he still has a ways to go before he’s ready to carry the team. The franchise has done a nice job of acquiring draft picks and cutting salary, and they project to have a ton of cap space next summer with just six players currently under contract for the 2009-10 season. It’s going to be interesting to see if the team will be able to land a dominant big man in the next two years. If so, that will certainly accelerate the turnaround.
Outlook: For this season? Dire. For the future? Reasonably bright. Durant looks like a future franchise player, and while Jeff Green struggled in his rookie season, the team has all the ingredients for a turnaround in the next 2-3 years. They have a young core, a ton of draft picks, and oodles of cap space to work with. The upside is that they’ll be playing in front of the patient Oklahoma City fans who will be grateful to have a NBA team in town, even if the horribly-named Thunder don’t win very many games.

Check out our NBA Preview page for a look at every team. We’ll be posting three previews per business day, which will take us up to the start of the season on Tuesday, October 28th.

As a Cavs fan, I love the trade, just because it finally rids them of Larry Hughes. Hughes is a good guy but he was a disaster on this team. Bill Simmons agrees, as he now claims the Cavs should be the favorites in the East:

As for the other big trade this week, kudos to Danny Ferry for somehow getting four of the best five players in an 11-player trade. That has to be some sort of record, right? I already made the case for Wally Szczerbiak and Delonte West helping the Cavs in my Trade Machine piece Wednesday (scroll down to trade 4A), but the Chicago guys pushed the deal over the top for me. First, Drew Gooden needed to go — he was too inconsistent and too much of a bonehead, and we neared the point when a fed-up LeBron might punch him in the face during a game about three months ago — and Joe Smith gives the Cavs steadier minutes and reliable production with those minutes. (Maybe Smith’s ceiling isn’t as high as Gooden’s from game to game, but when you have LeBron you need consistency from the rest of the guys more than anything else.) Second, the fact Ferry was able to trade an overpaid guard who actually drove a frustrated Cavs fan to create a site called www.heylarryhughespleasestoptakingsomanybadshots.com and update it every day … I mean, even if you got back a dead body for Larry Hughes, it would have been a moral victory.

Instead, the Cavs got back the Artist Formerly Known As Ben Wallace, someone who stopped being an elite rebounder and shot-blocker about three years ago, but someone with playoff experience and the ability to defend bigger guys like KG, Shaq or Duncan. He certainly makes more sense for the 2008 Cavs than Larry Hughes did. Anyway, I thought the Cavs could win the East before this trade, simply because none of the Eastern teams have someone who can match baskets with LeBron in a close game. Now? They’re the favorites. Look, I love the Celtics, I watch them every game, it has been the most enjoyable season in 15 years. … But a playoff series almost always comes down to one question as long as both sides are relatively equal:

Which team has the best guy?

Well, LeBron is better than anyone else in the East. So if you were beating Cleveland this spring, it was happening because your supporting cast was significantly better than LeBron’s supporting cast. That’s why this trade was so dangerous for Boston and Detroit; it shortened the sizable gap between guys 2 through 12 on Cleveland and guys 2 through 12 on Boston and Detroit. Now LeBron has four shooters who have shot 40-plus from 3-point range at least once in their career (Wally, Delonte, Boobie Gibson and Sasha Pavlovic), three seasoned rebounders (Wallace, Smith and Anderson Varejao), a scoring center (Zydrunas Ilgauskas) and, best of all, no Larry Hughes screwing up everything. LeBron is in a much better place than he was last year, and what’s even more frightening is that he has been playing out of his mind since last April. I know the Celtics are 41-11, and I know the Pistons have been there a million times … but still, how could you bet against LeBron in the East when he’s playing like this?