The Portland Trail Blazers re-signed 20-year-old Jermaine O'Neal, signed forward Detlef Schrempf away from Seattle and sent two players to the Atlanta Hawks in exchange for veteran guard Steve Smith and guard Ed Gray.
In a trade rumored for a couple of weeks, the Hawks will take on shooting guards Isaiah Rider and Jim Jackson.
O'Neal, the youngest among the league's 156 free agents, signed a four-year contract. As per its policy, the team did not disclose terms of the deal, but O'Neal said he turned down a one-year offer of $9 to $10 million from another team to stay in Portland.
Schrempf, who was insulted by Seattle's $1.1-million offer, decided to move down the road to Portland for two years at $4.2 million.
The Sacramento Kings, after scheduling a news conference to announce the re-signings of Drew Barry and Scot Pollard, suddenly called it off. General Manager Geoff Petrie instead worked out a trade sending Tariq Abdul-Wahad to the Orlando Magic for Nick Anderson. The deal was likely to be finalized today. . . . The Minnesota Timberwolves signed first-round draft pick Wally Szczerbiak to a three-year deal worth $6.5 million. Szczerbiak, a 6-foot-8 forward, was the sixth pick in the draft out of Miami of Ohio.