The Cavs get: PG Mo Williams (4 more years at $8.5 million per season) but averaged 17 ppg and 6 assists each of the last two seasons.
The Cavs give up: expiring contracts in PG Damon Jones (last year at $4.5 million); PF Joe Smith (last year at $5 million)
Why the Cavs got involved: To get a scoring PG! Mo Williams has much greater offensive skills than current PG Delonte West (who is still holding out). Mo Williams isn't known for his defensive skills, but it can't be any worse than the defensive skills of Delonte West. This should send a strong message to everyone: the Cavs are going to assemble the best team humanly possible between now and 2010 (when LeBron's contract expires). Not only did the Cavs get a solid PG, the Cavs still haven't even played their 3 best trading chips: 1) Wally's expiring $12 million contract, 2) Eric Snow's expiring $7 million contract, 3) Anderson Varejao. It's still entirely possible for the Cavs to swoop in and pick up a solid contributor at mid-season, once some other team gives up on its season (similar to when the Grizzlies gave up last year and dumped Pau Gasol).
Milwaukee gets: PG Luke Ridnour (2 years remaining at $6.5 million), expiring contract of PG Damon Jones, expiring contract of Adrian Griffin
Milwaukee gives up: PG Mo Williams, SF Desmond Mason
Why Milwaukee got involved: To get rid of Mo Williams and his long-term contract. Apparently, the Bucks believe they can still contend this year with a more traditional non-scoring PG (Ridnour) since they now have Michael Redd, R. Jefferson, Bogut, and Villanueva. I am also wondering whether the late season success of PG Ramon Sessions made the Bucks confident enough to unload Mo Williams. Sessions only played in 17 games, all at the end of the season, but averaged 8.1 ppg and 7.5 assists, but dished out over 10 assists in 6 of the last 7 games, including a 24 assist game against Chicago.
Oklahoma City (formerly Supersonics) gets: expiring contract of PF Joe Smith (last year at $5 million), expiring contact of SF Desmond Mason (last year at $5 million)
OK City gives up: Luke Ridnour, Adrian Griffin
Why OK City got involved: The Sonics got rid of Ridnour, and instead got back an expiring contract in PF Joe Smith and "fan favorite" Desmond Mason (who played college in Oklahoma, and was on the OK City Hornets).