The Lakers agreed to the framework of a deal to acquire star point guard Chris Paul Thursday, only to have the trade imperiled amid an uproar from owners disgusted with the fruits of a new collective bargaining agreement, an ownership source confirmed to CBSSports.com.

"Dead," is how the person described the deal, which was supposed to send Paul to L.A. in a three-team trade also involving the Houston Rockets.

Yahoo Sports and ESPN.com first reported the incomprehensible developments, and team executives who had been on the periphery of the Paul trade talks were unsure if the deal had been killed by the league office or had merely hit a snag. 

Either way, the hours after players and owners voted to approve a new CBA ending the five-month lockout will go down as among the most bizarre in NBA history.

"WoW," Paul tweeted upon learning of reports that his trade to the Lakers was on the verge of being nixed.

Yahoo reported that owners were "irate" with Stern in Thursday's Board of Governors meeting, challenging the commissioner for the business-as-usual rampage of big-market teams preying on stars before the deal was even ratified -- and before the league had even officially re-opened for business, which is supposed to happen at 2 p.m. ET Friday.

"Pathetic," one team executive said Thursday in response to developments that included the Knicks maneuvering for cap space in preparation for signing top free agent Tyson Chandler and then the Paul deal to L.A.

NBA spokesman Tim Frank said it was "not true" that owners killed the deal. "It wasn't even discussed at the board meeting," he said. "The league office declined to make the trade for basketball reasons."

The developments were "unbelievable," said another team executive, given that the league-owned Hornets had been allowed to conduct basketball business without interference from the league office since the other 29 owners assumed temporary ownership of the woebegone franchise in December 2010. Also, the league office technically was not supposed to be open to evaluate, approve or disapprove trades until Friday.

The trade was supposed to send Paul to Los Angeles and Pau Gasol from the Lakers to the Rockets, who would've sent Luis Scola, Kevin Martin, Goran Dragic and a first-round pick to the Hornets. New Orleans also would've received Lamar Odom from the Lakers. While rival executives were stunned with how rapidly Hornets GM Dell Demps moved to rid the franchise of Paul, who has clamored privately and through back channels for more than a year to exit New Orleans, some nonetheless were impressed with the haul of players and picks the Hornets were able to obtain for a trade that essentially was done on a firesale basis. 

Demps, a former Spurs executive groomed by San Antonio GM R.C. Buford, had taken a proactive approach to the Paul dilemma and indicated to fellow execs in recent days that he had no intention of letting the saga drag out for months the way the Nuggets were embroiled in a similar controversy with Carmelo Anthony before trading him to the Knicks last season.

Now, the Hornets appear to be destined for even more drama, discontent and derangement than they ever imagined. 

Same for the NBA.

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The Lakers agreed to the framework of a deal to acquire star point guard Chris Paul Thursday, only to have the trade imperiled amid an uproar from owners disgusted with the fruits of a new collective bargaining agreement, an ownership source confirmed to CBSSports.com.

"Dead," is how the person described the deal, which was supposed to send Paul to L.A. in a three-team trade also involving the Houston Rockets.

Yahoo Sports and ESPN.com first reported the incomprehensible developments, and team executives who had been on the periphery of the Paul trade talks were unsure if the deal had been killed by the league office or had merely hit a snag. 

Either way, the hours after players and owners voted to approve a new CBA ending the five-month lockout will go down as among the most bizarre in NBA history.

"WoW," Paul tweeted upon learning of reports that his trade to the Lakers was on the verge of being nixed.

Yahoo reported that owners were "irate" with Stern in Thursday's Board of Governors meeting, challenging the commissioner for the business-as-usual rampage of big-market teams preying on stars before the deal was even ratified -- and before the league had even officially re-opened for business, which is supposed to happen at 2 p.m. ET Friday.

"Pathetic," one team executive said Thursday in response to developments that included the Knicks maneuvering for cap space in preparation for signing top free agent Tyson Chandler and then the Paul deal to L.A.

NBA spokesman Tim Frank said it was "not true" that owners killed the deal. "It wasn't even discussed at the board meeting," he said. "The league office declined to make the trade for basketball reasons."

The developments were "unbelievable," said another team executive, given that the league-owned Hornets had been allowed to conduct basketball business without interference from the league office since the other 29 owners assumed temporary ownership of the woebegone franchise in December 2010. Also, the league office technically was not supposed to be open to evaluate, approve or disapprove trades until Friday.

The trade was supposed to send Paul to Los Angeles and Pau Gasol from the Lakers to the Rockets, who would've sent Luis Scola, Kevin Martin, Goran Dragic and a first-round pick to the Hornets. New Orleans also would've received Lamar Odom from the Lakers. While rival executives were stunned with how rapidly Hornets GM Dell Demps moved to rid the franchise of Paul, who has clamored privately and through back channels for more than a year to exit New Orleans, some nonetheless were impressed with the haul of players and picks the Hornets were able to obtain for a trade that essentially was done on a firesale basis. 

Demps, a former Spurs executive groomed by San Antonio GM R.C. Buford, had taken a proactive approach to the Paul dilemma and indicated to fellow execs in recent days that he had no intention of letting the saga drag out for months the way the Nuggets were embroiled in a similar controversy with Carmelo Anthony before trading him to the Knicks last season.

Now, the Hornets appear to be destined for even more drama, discontent and derangement than they ever imagined. 

Same for the NBA.

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Tyson Chandler's hunch that he'll be wearing a new uniform soon could prove to be true. And it may have nothing to do with Chandler and everything to do with Deron Williams.

With serious interest registered from the Nets, Golden State, Houston and Sacramento, four teams with cap space and flexibility, the man who served as the glue for the Mavericks' 2011 NBA title could be slipping away -- but for reasons that go well beyond the uncertain free-agent market for Chandler himself.

The Mavs are in no rush to pony up a max offer to retain Chandler, largely because they want to maintain flexibility for next summer's free-agent class -- which just happens to include Dallas' own Williams, multiple sources told CBSSports.com. While much of the speculation in this five-day run-up to the start of free agency Friday has centered around 2012 free agents Chris Paul and Dwight Howard, Williams' situation is in many ways more intriguing.

"Everything is sort of stuck because of Chris and Dwight," one agent said Monday.

Add Deron to that list.

The Nets traded Derrick Favors, Devin Harris and two first-round picks to Utah for Williams in February and are in the process of trying to assemble enough talent around him to keep him with the team when it moves to Brooklyn next season. Like Paul and Howard, Williams has an early-termination option that would make him an unrestricted free agent on July 1. Williams already has indicated he will not sign an extension this season, just as Paul and Howard will not. Howard remains intent on finding his way to Los Angeles to join the Lakers, while Paul has his sights set on New York -- though he remains open to a trade that would team him up with Howard in Orlando.

Williams spoke with members of the New York-New Jersey media Monday and proclaimed in a radio interview on New York's WFAN that there's a 90 percent chance he stays with the Nets. New Jersey has expressed interest in free agents Chandler, Nene and Caron Butler, but the big prize that would make D-Will's decision to stay on the East Coast a no-brainer would be a trade for Howard -- a tantalizing scenario that could play out one way or another by the end of the week.

New rules that dampen the home team's advantage in offering its own prospective free agent a significantly larger extension -- and essentially take away the extend-and-trade and sign-and-trade safety nets -- are expected to force the Hornets and Magic to make quick decisions on how to handle Paul's and Howard's impending free agency. The Nets, having given up so many assets for Williams, are in a position to be more patient and do everything possible to entice their star to stay put.

But if the Nets are unsuccessful in their efforts to land Howard -- Brook Lopez, first-round picks and absorbing Hedo Turkoglu's contract doesn't figure to be enough -- then Williams will have an interesting decision to make come July 1. And the buzz among front-office executives Monday was that Dallas owner Mark Cuban would be in a position to sell Williams on taking less money to play in his hometown.

Once Williams becomes a free agent, he could get a five-year, $100 million deal to stay with the Nets. Signing with Dallas would net Williams only a four-year, $74 million deal. How much playing in his hometown is worth to Williams would depend, in part, on what pieces the Nets surround him with between now and then.

Of the teams expected to contend for a championship this season, only Dallas would have the cap space to sign a max player next summer and still have room to do more. If the Mavs used the amnesty provision on Brendan Haywood next summer, they'd be more than $21 million under the cap -- with Dirk Nowitzki still around, draining jumpers.

Jason Terry and Jason Kidd come off the books after the season, and the Mavs will want their Hall of Fame point guard to pass the torch to a star in his prime and keep Nowitzki in the hunt for more titles during the final two years of his contract. In addition to Williams, Paul and Howard, the 2012 free-agent class is loaded with attractive restricted free agents, such as Russell Westbrook, Eric Gordon, O.J. Mayo and George Hill -- not to mention Derrick Rose, who nobody envisions leaving Chicago.

So the lackluster nature of this free-agent class compared to next summer's, combined with confusion about the new rules and an unwillingness to be the team that sets the market, have slowed the activity with four days to go before camps and free agency officially open. Also, don't underestimate how the shortened season provides an incentive for teams to pass on significant moves now when July 1 is only a few months away.
 
The biggest impediment to the wheeling and dealing in 2011 has everything to do with 2012 and beyond.

To Nene, or not to Nene. This is the potentially franchise-shaping question facing the Denver Nuggets.

This is becoming familiar territory for Nuggets GM Masai Ujiri, who no sooner got the job last season when he was thrust into the Carmelo Anthony saga. That one ended well for Denver: Melo and his wandering eye got a max extension and a trade to the Knicks. The Nuggets got valuable assets and picks, including players like Danilo Gallinari and Wilson Chandler -- who were already accomplished starters to a degree but also young and cheap enough to build and plan around.

But what about Nene? In a lackluster free-agent class, only Nene and Mavs center Tyson Chandler figure to command max money. Some NBA executives question whether either player is worth a contract starting at the max of $17.4-$17.8 million. If Nene wants to push for a sign-and-trade to a contender -- such as Dallas and Miami, two of the teams on his list -- he'd have to settle for a four-year deal with smaller raises than the Nuggets can offer.

If he wants a five-year deal, he'll stay in Denver. If he just wants a change of scenery, he could get a four-year deal from any number of teams that have cap space or could create it, such as the Nets, Warriors, Rockets or Pacers. In short, Nene has options. Not as many options as Anthony, who had the full extend-and-trade avenue and max sign-and-trade scenario going for him -- but options, nonetheless.

So, why aren't the Nuggets panicking? One, if Ujiri survived the Melodrama, the Nene-a-thon will be a piece of cake. And two, the Nuggets have options, too.

If Nene bolts, Denver is projected to have the most cap room in the league next season -- nearly $39 million, and more if they amnesty Al Harrington between now and then. They have their own first-round pick in 2012 and '13, and could wind up with more if Nene departed via the sign-and-trade route. As weak as this free-agent class is, this year's draft will be deep and exceptional. Not a bad time to undertake a one-year rebuilding/reloading plan if that's what the Nuggets are forced to do.

Also, the Nuggets brass need to find out what Gallinari is going to be in major minutes, not to mention Timofey Mozgov, another piece they got from the Knicks for Anthony. The sting of a rebuilding year also would be minimized by a shortened season. It'll be over fast, and if the Nuggets missed the playoffs, it wouldn't be long before they'd be preparing to pick a potential All-Star in the lottery.

While the Nuggets won't be in the running for a potential superstar free agent like Dwight Howard, Chris Paul or Deron Williams, their copious cap space and assets obtained in the Melo trade would give them flexibility to be one of the biggest players next summer. So do the Nuggets want Nene back? Of course. Ujiri has told him that on many occasions, and as with Anthony, the Nuggets exec has taken the time to build a relationship with his star so there's mutual trust.

But if someone is willing to pay Nene the max in the next week or so, making a 14-point, seven-rebound center a $17 million player? There may be no way to avoid parting ways. And as in the case of Anthony, it could wind up working out for the best for both sides.

One of the surest bets of the soon-to-begin 2011 NBA free-agent period is that Nene wants out of Denver. Where he winds up, and how, will be among the most intriguing storylines when the floodgates open around Dec. 9.

The Nuggets are operating under the firm belief that Nene will test the market as an unrestricted free agent, according to a person familiar with the team's thinking. Six teams have registered interest, the source said: Golden State, New Jersey, Indiana, Miami, Dallas and Houston.

Nene, the top unrestricted free agent on the market in the view of many team executives, will have a say over where he winds up -- though not as much as free agents did under the previous system since free agents can no longer get max deals when leaving their teams via sign-and-trades.

Nene, 29, has long coveted Miami and Dallas as landing spots, but would have to force his way to one of those teams via a sign-and-trade since both are well over the cap. And whereas LeBron James was able to get a max deal through a sign-and-trade when he went from Cleveland to Miami, Nene would have to settle for a four-year deal with 4.5 percent raises under the new system in such an arrangement.

If the Golden State used the amnesty provision on Andris Biedrins, the Warriors would have enough room to sign Nene outright for close to the max -- but again, that would be a four-year deal with non-Bird raises as opposed to the five-year deal with 7.5 percent raises he'd get by re-signing with Denver. There's no incentive under the new rules for Nene to push for a sign-and-trade as opposed to an outright signing with another team, unless there was a clear preference for a team that didn't have room to sign him.

There is incentive, however, for the Nuggets to accommodate his wishes in the hopes of getting significant assets back through a sign-and-trade. For the Nuggets, the most advantageous scenario would be if Nene wanted to be in Miami, Dallas or Houston enough to be willing to accept less money to get there. 

UPDATE: The Nets would have room sign Nene to a max deal starting at 30 percent of the cap -- $17.4 million -- if they used amnesty on Travis Outlaw. The Pacers have enough room regardless, while the Rockets are close. They would either do a sign-and-trade or trade a player to create cap space or a trade exception. A source indicated the Rockets have no plans to use the amnesty clause on Terrence Williams.

NEW YORK -- As the players' union prepared to host representatives from all 30 teams Tuesday, a person with knowledge of the plans told CBSSports.com that executives from the National Basketball Players Association will be open-minded about whether the league's latest proposal should be put to a vote by the full membership.

The primary purpose of the meeting will be to educate player reps about the details and ramifications of the NBA's 50-50 proposal, which commissioner David Stern has told executive director Billy Hunter in writing that he has until 5 p.m. Wednesday to accept or be faced with a far worse offer. Player reps also will be informed of the other options at their disposal if the union rejects the deal and the league forwards what it is calling its "reset" proposal -- which includes a 47 percent share of revenues for the players, a hard salary cap and rollbacks of existing contracts, among other system restraints that are far worse than those in the standing proposal.

But union officials also expect that player reps will have polled their teammates and will present their views as to whether players, as a whole, want to vote on the deal, reject it, or seek a vote to dissolve the union through decertification and take their fight to the federal courts.

"I'm expecting a diversity of opinions, quite frankly," said the person with knowledge of the format for Tuesday's meeting.

This was the case Monday, as players were active in expressing their opinions to their agents and via social media, with the only consensus being that players are divided on what the next steps should be. Some, like Kevin Martin of the Rockets and Steve Blake of the Lakers, are pushing for a vote. Others, like Cavaliers player rep Anthony Parker, say they're opposed to the deal and would vote against it.

Nothing will be known for sure until the player reps meet with union leaders Tuesday. And to some extent, further conversations will be required between the NBPA and NBA negotiators to clear up certain technical aspects of the proposal -- such as a provision the league has asked for to account for a scenario in which player salaries exceed their 50 percent guarantee by more than the 10 percent escrow withholding in the proposal, up from the previous level of eight percent, sources said.

Indeed, while no meetings between the two sides were scheduled as of Monday night, a person with knowledge of the situation told CBSSports.com that NBPA executives were hopeful that further conversations could be scheduled with the league before the Wednesday deadline.

While union president Derek Fisher and outside counsel Jeffrey Kessler excoriated the league's latest proposal after talks broke down early Sunday and executive committee members are not in favor of presenting it to the rank-and-file for a vote, union negotiators believe that some minor tweaks to unresolved system issues could make the deal more palatable. Among the issues, for example, would be permitting teams above the luxury-tax line to execute sign-and-trade transactions -- a detail the two sides are at odds on despite it only occurring five times during the previous six-year agreement.

Union executives will meet at 1 p.m. Tuesday at a Manhattan hotel with player reps, with all 30 teams expected to be represented either by their reps or alternates.

With the news Friday that Yao Ming has decided to retire, the NBA lost a giant whose stature made him a force on the court and an ambassador for the spread of basketball throughout Asia.

His impact on the floor and in the record books was muted by injury, but Yao’s influence on the globalization of basketball will be felt for years, if not decades.

Yao, 30, endured years of pain and injuries to his feet and lower legs and most recently could not overcome a stress fracture in his left foot that caused him to miss all but five games in the 2010-11 season. The 7-foot-6 center has yet to file official retirement paperwork with the NBA office, but that would be a mere formality after Yahoo! Sports reported Friday that Yao has informed the Rockets, league office, and NBA China in the past 48 hours of his intention to retire.

It was the presence of Yao, along with the 2008 Beijing Olympics, that lifted the NBA to new heights of popularity and revenue-generation in China during the past decade. The league launched NBA China in 2008, and Sports Business Journal has estimated that between $150 million and $170 million of the NBA’s annual revenues are generated in Yao’s native land.

Some of the NBA’s biggest America-born stars have endorsement and charitable ventures linked to China, such Kobe Bryant, Kevin Garnett and the recently retired Shaquille O’Neal. Several of Yao’s teammates with the Rockets, including Luis Scola and Shane Battier, also have benefited. The top 10 best-selling NBA jerseys in China are all worn by American-born players, led by Bryant, who has owned the top spot for four straight years.

Bryant, received in China like a rock star during the Beijing Games, has made several promotional trips to China for endorsement work with Nike and has created the Kobe Bryant China Foundation to raise money and awareness for education and health programs. If Bryant provided the momentum for basketball’s robust commerce in China, it was Yao who lit the flame.

Yao retires as a once-dominant force whose impact on the court was derailed by injuries that cost him 170 regular season games over the course of his career. His best season was 2006-07, when he averaged 25 points, 9.4 rebounds and shot 52 percent from the field. For his career, Yao averaged 19 points, 9.2 rebounds, and in an aberration for a player his size, shot .833 from the foul line.

It is the end of a career, but also a new beginning – the start of an era with only one dominant center left in the game, Dwight Howard, and potentially billions of dollars in new marketing opportunities for the NBA in China and beyond. Yao started it all.