Stay tuned to the SBNation StoryStream (really, it's neat) for all updates. As of now it looks like this:
Knicks get: Carmelo Anthony, Chauncey Billups, Shelden Williams, Anthony Carter, Renaldo Balkman, Corey Brewer
Nuggets get: Timofey Mozgov, Danilo Gallinari, Wilson Chandler, and Raymond Felton
Timberwolves get: Eddy Curry and Anthony Randolph.
The Nuggets are reportedly receiving three draft picks, as well, a first-rounder and two second-rounders.
I think that both the Knicks and Nuggets did alright here.
Nuggets managed to go from (way) over the luxury tax to under. While they didn't do much by way of draft picks, they did get some assets to use or possibly flip. Not bad for a team under the gun, and dealing perhaps with only one real suitor.
And I think the Knicks did well too. For one, they're at least taking a shot with an Amare+Melo duo, and I think that while Carmelo has holes in his game that keeps him from the true elite, he'll be rejuvenated a bit with this behind him and now in the place he always wanted to be. Felton-for-Billups is a downgrade but workable, and they were able to get enough warm bodies back to where the depth isn't that awful.
And, most importantly, they really didn't give up that much. Chandler was an RFA after the season so he was likely gone if they were to pursue Melo (and it was far from a sure thing that they'd have enough cap room to get him outright regardless), they already gave up on Randolph, Mozgov isn't much of a prospect, so it's really just Gallinari and the pick that will hurt their future plans. In the meantime they have Carmelo Anthony. Not bad. Though their defense will be pretty awful, no matter how inspired they all feel in the home stretch of this season.
Of course, the true interest is how they could potentially face the Bulls in the playoffs, as they're currently slotted to match up in the first round as the 6vs3 seeds. I think the Bulls still win, but it'll be a lot more interesting. And even though the Knicks had already beaten the Bulls twice with what they had, adding Carmelo makes them a bit scarier.
Best news: Now other deals can commence!