The Wizards, Grizzlies and Hornets have reportedly completed a three-way trade -- here's a quick recap:

• Hornets get Antonio Daniels
• Wizards get Javaris Crittendon and Mike James
• Grizzlies get a future first-round pick

The pick Memphis receives is actually their own... it's the first-rounder they gave up to acquire Juan Carlos Navarro before last season.

How does this deal impact the teams involved?

New Orleans:
I love the deal for the Hornets -- Mike James just wasn't a good fit for them, and Antonio Daniels is an experienced and capable backup who can fill in at both guard spots. He probably won't have a ton of fantasy value (who would, playing behind Chris Paul), but he could become an option, depending on how much run he gets.

Memphis:
The trade doesn't change anything for the Grizzlies. Crittendon wasn't getting very much playing time to start with -- the Kyle Lowry/Mike Conley platoon will continue to handle point guard duties, with Marko Jaric on hand (for now, at least) as the third point guard.

Washington:
Biggest takeaway where the Wizards are concerned: they probably don't expect to get Gilbert Arenas back any time soon. Agent Zero still hasn't been cleared for contact drills, which means he's still at least a few weeks away. That January 1 target date for his return is looking pretty unlikely.

The Wizards waived last night's starter, Dee Brown, to make room for the new acquisitions, so one of the two new guys -- Crittendon or James -- will likely step in as the starting point guard until Arenas comes back, while the other will be in the mix with Juan Dixon, DeShawn Stevenson and Nick Young for backcourt minutes. Dixon has been an effective player for Washington -- he scored 16 points and had a team-high seven dimes in their surprising win over Detroit last night... don't be surprised if he gets the starting nod in the short term, until the others get acclimated to their new surroundings.