Golden State gets:

Hinrich (9.5, 9 and 8)

Gray (1)

unprotected 1st rounder in 2010

Chicago gets:

Maggette (8.9, 9.6, 10.2, 10.9)

Randolph (1.8, 1.9, 2.9 team option, 4 qualifying)

Why they do it?

Chicago - Provides a scoring option at the 2, allowing Salmons who is too slow at the 2 to move back to the 3.  Adds some front court depth in a young, high ceiling player in Randolph with a very friendly contract. 

Golden State - Saves 1.2m this summer because Gray comes off the books, 3.5m next year then 5.1m in 2011 and finally at least 10.9m in 2012.  Adds a player that can play with one less year than Maggette's contract, and a friendly declining one at that, gives them a solid pick in next year's draft, unprotected.

Hoopshype just reported that Golden State really wants to trade Maggette and the best way to get Randolph is in a trade with Maggette, though there likely aren't many takers out there for him.  With a lot of financial relief in the next four years and an unprotected pick, Golden State gets a bit out of this deal and Chicago improves right away without sacrificing the expiring contracts of Miller (12.2) or James (6.6) that can be used to trade for a star before this year's deadline, or allowed to expire allowing Chicago to sign a premier player in the summer.  Trading away Hinrich doesn't hurt because Maggette is a much better fit for Chicago's needs (scoring at the 2 guard) and Chicago also gets a great young player in Randolph.  Giving up Gray is hardly worth mentioning and the unprotected 1st rounder is fine because this team has enough youth already (Johnson, Gibson, Rose, Tyrus, Noah then Randolph) and should be focusing on building a deep playoff worthy team from this summer and on.