Largest Trade in NBA History Made

Riley wished the three players leaving Miami well, especially Eddie Jones, whom he called "the consummate professional through thick and thin."

"I know he had fun and he was a major part of this," Riley said. "But in order to get something good back, you have to give up something good going out. I wish him nothing but the best."

Memphis acquired Borchardt earlier Tuesday in a deal in which Sacramento got Bonzi Wells from the Grizzlies in exchange for guard Bobby Jackson and Ostertag.

The Hornets did not give up any players under contract in the megatrade, which was approved by league officials late Tuesday night.

"Our cap flexibility is what allowed us to get these two players as part of this deal," Hornets general manager Allan Bristow said. "We were able to acquire two young, quality players while only giving up the rights to a player who has never appeared in a Hornets uniform."

Walker, who averaged 19.1 points and nine rebounds last season for Atlanta and Boston, will be a welcome addition to the Heat, said forward Udonis Haslem -- who formally signed his $30.7 million, five-year deal Tuesday.

"We're two different players and we can bring two different things to the table," Haslem said, a few hours before the trade got done. "If we put that together, we should have a pretty good tandem."

Miami reached Game 7 of the Eastern Conference finals this past season -- even though O'Neal and Dwyane Wade were both hurt at the time. And not only was Jones a starter on that team, he was the Heat's best perimeter defender -- a role that Heat president Pat Riley and coach Stan Van Gundy have long valued.

Eddie Jones, a career 16.4-point-per-game scorer, averaged 12.7 in the regular season and 13.7 in the playoffs as Miami's third option.

"Eddie Jones is an All-Star caliber player who has had a terrific NBA career. He is a great 3-point shooter who will make an immediate impact on our offense, while also serving as a solid defender in the backcourt. We look forward to Eddie finishing his NBA career in Memphis," Grizzlies president Jerry West said.

Williams averaged 10.1 points and 5.6 assists for the Grizzlies last season. Riley likened his playmaking ability to Steve Nash and Jason Kidd.

"He is a very athletic, quick, explosive scorer and has great experience," Riley said. "One of the reasons why we are making the trade is that we haven't had anyone here like that since Tim Hardaway left."

Posey was limited to 50 games this past season because of injuries, and only 18 starts. He averaged 8.1 points and 4.4 rebounds.

The trade capped a flurry of activity by the Heat -- who moved quickly once the league's moratorium on player signings expired Tuesday at noon EDT.

O'Neal was signed to a $100 million contract; the move was expected, although the contract was considerably smaller than what O'Neal figured to command.

Haslem said the team has full confidence in whatever personnel choices Riley and general manager Randy Pfund make.

"Since I've been here, they've made great decisions," Haslem said. "And I'm sure they'll make the right decision here."