NBA Rumors and Free Agency News: Chris Paul trade to Lakers (or IS he??), some Bulls options off the board

[This thing is forever-changing, so some notes were added by yours truly -yfbb]

NBA Teams can begin signing free agents on Friday, but some players have reportedly already come to terms this week, as players met with teams. And the rumors are flying galore.

The salary cap will be $58.044 million, luxury tax line will be $70.307 million, and teams minimum payroll will be $46.435, Ken Berger tweeted. The Bulls are currently just under $65 million.

The big trade

[Since I've started writing this, news is breaking on Twitter over the deal hitting a snag and even declared dead, spurred on by other NBA owners who are questioning the NBA-owned Hornets on this.

There have been more pieces added to the original deal, including Goran Dragic and the Knicks 2012 first-rounder to New Orleans. Also a rumor that Emeka Okafor is headed to the Lakers. You know what's good for stuff like this? The SBNation StoryStream. Find confirmed updates there as this develops -ed.]

Adrian Wojnarowski is tweeting that the Hornets are "starting to inform teams" that they're sending Chris Paul to the Lakers in a three-way deal, including the Rockets. Pau Gasol to Houston, with Lamar Odom, Kevin Martin, and Luis Scola to L.A. Another tweet added the deal is "not finalized", but "close".

The Knicks and Celtics are reportedly trying to trade for the PG's expiring contract. The Warriors and Clippers are also reportedly interested, but Paul reportedly has expressed he won't sign an extension with the either of those two teams, so Stephen Curry and Eric Gordon has been pulled off the table in exchange -- effectively breaking the deal. The Celtics were reportedly attempting a three-way deal that includes the Pacers and already scheduling to bring Paul in for a physical.

Bulls' reported targets

• Shane Battier (unrestricted): Will sign with the Heat reportedly starting at $3 million in 2011-12 under the 'mini'-mid-level exemption that can max out at three years.
• Caron Butler (unrestricted): Will reportedly sign a three-year, $24 million deal with the Clips.
• Jason Richardson (unrestricted): Bulls are "considered one of the favorites" to sign him. The Celtics and Warriors have been reportedly interested. If Richardson's demand gives him the opportunity to make more than the MLE allows, there haven't been reports the Bulls will attempt a sign-and-trade with the Magic.
• Grant Hill (unrestricted): Reportedly will go to the Spurs or back to the Suns. The Knicks and Bulls were rumored as interested.
• Jamal Crawford (unrestricted): Complicated. The Bulls can only offer the MLE, but he can likely make more and a sign-and-trade with the Hawks will likely cost too much in personnel, as the Nets, Hornets, Mavericks, Suns, Magic and Trail Blazers are also reportedly interested. The Bulls can't win a bidding war here.
• Nick Young (restricted): It's a long shot, but reportedly is interested in the Bulls. He's expected to get more than the MLE, so the only option to land him is a longshot sign-and-trade. The Nuggets, Hornets, Kings, and Suns are reportedly included as competitors.
• Tracy McGrady (unrestricted): Fringe interest, but will sign a one-year deal at the veteran minimum with the Hawks.
• Vince Carter (???): Will reportedly be bought-out by the Suns. Unclear how much landing him would cost. The Spurs and Heat were reportedly interested, but the Heat can likely be ruled out now with Battier. Interest in waived players will be expectedly quiet, as to not inflate players' market value.
• Tayshaun Prince (unrestricted): Was reported as a fringe target of the Bulls last trade deadline, but not this offseason and we now know why. Joe Dumars is using his degree from the Isiah Thomas School of General Managing by re-signing Prince to the Pistons with a four-year, $27 million deal.... Wait! WHAT?!?

Other confirmed signings and re-signings:

• Mike Dunleavy, Jr. (unrestricted): Signed to a two-year, $7.5 million deal with the Bucks.
• Shannon Brown (unrestricted): Will reportedly sign a one-year, $3.5 million deal with the Suns.
• Greg Oden (restricted): Agreed to the Trail Blazers' 1-year/$8.9 million qualifying offer, will become an unrestricted free agent after the season. That coin can buy a lot of suits to wear during Blazers games.
• Eddy Curry (unrestricted): Will sign with the Heat. Terms are undisclosed, but there's no indication that he'll receive anything more than a 1-year deal at the veteran minimum. Yes, that Eddy Curry.
• Jonas Jerebko (restricted): Re-signed to the up-and-coming Pistons to a four-year, $25 million deal.
• Keyon Dooling traded to the Celtics for a 2nd rounder (they had a trade exception) -ed.
  

Rumors:

• Tyson Chandler (unrestricted): There's a "98 percent chance" he'll sign a four-year deal with the Knicks after the Warriors offered him a four-year, $60 million contract. It's unsure whether the Knicks plan on a sign-and-trade that sends Chauncey Billups to the Mavericks or if Billups will be amnestied, but one thing's for sure: Billups is pissed. Raises legitimate questions as to whether Amare Stoudemire or Carmelo Anthony will be part of offers to acquire Chris Paul or that they knew they were already out of the running to acquire him from the Hornets.