UPDATED 4:15 p.m. ET
With Thursday's 3 p.m. ET deadline upon us, here's some of the latest buzz:
The Bobcats, determined to add an athletic big man to their front court, have agreed to acquire Tyrus Thomas in a deal with the Bulls that would send Acie Law, Flip Murray, and a future No. 1 pick to Chicago, a person with knowledge of the situation told CBSSports.com.
Charlotte beat out several other suitors -- New York, Denver, and San Antonio chief among them -- and will have the rest of the season to evaluate the soon-to-be restricted free agent and decide whether to commit to Thomas long-term. Trading Thomas spares the Bulls the embarrassment of losing one of their best players through free agency with no compensation for the second year in a row.
The Bobcats were able to circumvent discussions between the Knicks and Bulls involving a swap centered around Al Harrington. The Bulls, who already have dealt John Salmons to Milwaukee for the expiring contracts of Hakim Warrick and Joe Alexander, took another step toward freeing up cap room for a free-agent spending spree on July 1. Chicago is off the hook for Salmons' $5.8 million next season and also avoids Thomas' $6.3 million qualifying offer. If they make no further moves by the deadline, Chicago will have cleared $17 million in cap space for '10-'11 -- enough to add one max free agent to pair with All-Star point guard Derrick Rose -- without giving up any draft picks.
UPDATE: The Wizards completed a minor deal (to you and me) but a major one (to them) right at the deadline, sending Dominic McGuire and cash to Sacramento for a 2010 second-round pick, sources said. The deal slides the Wizards comfortably under the tax line without having to negotiate a buyout with Zydrunas Ilgauskas.
The Grizzlies apparently backed off in their efforts to move O.J. Mayo or Mike Conley, having been rebuffed by rival execs who felt they were asking too much, sources say. But Memphis will receive Ronnie Brewer from the Jazz for a future pick -- a move that saves Utah tax money.
The Bobcats and Pacers discussed a potential swap involving T.J. Ford and D.J. Augustin, with other peripheral pieces involved, in a scenario that went down to the 3 p.m. ET deadline, a sources say. The Bucks dropped out of the mix for Indiana's Troy Murphy, opening the door to Indiana's long-sought plan to divest themselves of Ford. Despite serious discussions, there were no indications that the deal was consummated in time.
Another front-court option for Milwaukee could be the often-traded Drew Gooden. The Clippers are held off on arranging a buyout for Gooden in the event they could flip him for another asset or additional cap relief. But Gooden, traded from Dallas to Washington to L.A., will be seeking a buyout, sources say.
The Warriors decided to keep Monta Ellis, whom they refused to send to Memphis in a larger package that would've included Mayo -- a scenario that was broached about 10 days before the deadline but never gained any traction. The Sixers and Celtics also dropped out of the running for a major deal.
The Suns decided to stand pat with Amar'e Stoudemire, never becoming enthused about any offers they received from Cleveland or Miami. Now, Phoenix will have to deal with the Stoudemire situation all over again this summer, when Stoudemire almost certainly will exercise his early-termination option -- thus forcing the Suns' hand once and for all after two years of deadline flirtations.