The Minnesota Timberwolves traded the rights to No. 3 pick O.J. Mayo of USC to the Memphis Grizzlies on Thursday for the rights to No. 5 choice Kevin Love of UCLA in an eight-player deal after the NBA draft ended.
A person with knowledge of the deal confirmed it to the Associated Press, speaking on the condition on anonymity because the trade had yet to be officially announced.
The Timberwolves also received swingman Mike Miller, forward Brian Cardinal and center Jason Collins while forward Antoine Walker and guards Marko Jaric and Greg Buckner went to Memphis.
The Milwaukee Bucks traded forwards Yi Jianlian and Bobby Simmons to the New Jersey Nets for forward Richard Jefferson.
The removal of the three years and $42 million left on Jefferson's contract puts New Jersey in position to be a major player in 2010 off-season, when LeBron James and Dwyane Wade could be free agents.
Jefferson, 28, averaged 22.6 points last season. Yi, 20, averaged 8.6 points and 5.2 rebounds. Simmons, 28, who never lived up to the five-year, $47-million contract he received for leaving the Clippers, averaged 7.6 points last season.
Indiana traded first-round draft pick Jerryd Bayless to the Portland Trail Blazers for No. 13 pick Brandon Rush, Jarrett Jack and Josh McRoberts, Rush's agent told the AP.
Bayless was selected 11th. The Pacers also sent forward Ike Diogu to Portland.
Forward-center Jermaine O'Neal confirmed the Indiana Pacers are trading him to the Toronto Raptors for point guard T.J. Ford, center Rasho Nesterovic, forward Maceo Baston and the 17th pick in the draft (Roy Hibbert).
"He wanted to get me to a place where I could contend and do what I'm capable of doing," O'Neal, 29, said of team President Larry Bird.
Pacers spokesman David Benner said he could not confirm the trade, which can't be finalized until Tuesday.
Phoenix Suns forward Grant Hill exercised his option for next season, the team said.
Hill, 35, averaged 13.1 points, 5.0 rebounds and 2.9 assists.
Testimony in the trial over whether the SuperSonics must play out the final two years of their lease at KeyArena or be allowed to relocate to Oklahoma City ended in Seattle.
Federal Judge Marsha Pechman will issue her decision Wednesday.