Cleveland receives Joakim Noah (4 Years, 11.3 Million in 2012)
Chicago receives Kendrick Perkins (3 Years, 7.8 Million in 2012), Eric Gordon (4 years, 13.7 million in 2012 and Perry Jones 3 (4 years, 1.0 Million in 2012)
Oklahoma City receives Anderson Varajeu (3 Years, 8.4 Million in 2012) and Al Farug Aminu (1 year, 2.9 Million in 2012)
New Orleans receives Luol Deng (2 Years, 13.3 Million in 2012) and Reggie Jackson (3 years, 1.2 Million in 2012) and Chicago 1st round pick.

Reason for Cleveland - Cavaliers are most likely not going to make the playoffs this season and Varajua is 30 years old. They replace him with a center who is 3 years younger and would make a nice pair up with Kyrie Irving which will make them a playoff team in 2013-2014.

Reason for Chicago - They are still a playoff team but getting older (Deng and Noah are 27 and Boozer, Hamilton and Hinrich are over 30) and not any closer to a championship. They get two young wings that would be nice compliments to Rose with Gordon and PJ3 and Perkins would be a really good fit with the Bulls (Great screener to free up Rose and good defensively). Plus they shave 2 million on the salary cap which if they amnesty Boozer could make them super competitive on the 2013 free agent market.

Reason for New Orleans - First and foremost they get rid of Gordon and the drama that happened since they match Pheonix offer. Also, they get an all star Caliber player in Deng to bring in a veteran presence for a young squad. Also they get a young combo guard prospect in Jackson who played well for the OKC summer league team this season.

Reason for OkC - The Thunder move Kendrick Perkins contract and upgrade at the center position all at the same time. Varejao would be a perfect fit for the Thunder because he is a great rebounder and pick and roll defender. He also makes it harder for teams to guard the Thunder since he has a 10x better offensive game then Perkins. They lose two young prospects but they free up a couple million dollars for the next few season which could help resigning Eric Maynor and/or Kevin Martin.