Deron Williams Traded to New Jersey Nets

The New Jersey Nets missed out on Carmelo Anthony, but they made a splash of their own Wednesday, acquiring All-Star point guard Deron Williams from the Utah Jazz in a blockbuster deal.

"We are very excited to add a player the caliber of Deron Williams to our roster," Nets GM Billy King said in a press release Tuesday afternoon.

"He is one of the premier point guards in the NBA, and his skill and talent level will bolster our franchise as we continue to build towards our goal of becoming a championship-caliber team."

The trade was first reported by Yahoo! Sports' Adrian Wojnarowski.

Tomasson: Jerry Sloan Says Trade Won't Affect Retirement

TRADE BREAKDOWN

Nets Receive:
PG Deron Williams

Jazz Receive:
PG Devin Harris
PF Derrick Favors
Two first-round draft picks
$3 million in cash (reportedly) The Nets will send Devin Harris, 2010 first-round pick Derrick Favors, two first-round selections and cash considerations, reported by Wojnarowski to be $3 million, to Utah as part of the trade. In a separate deal, New Jersey will also acquire Brandan Wright and Dan Gadzuric from the Golden State Warriors for Troy Murphy.

The Jazz will get the Nets' 2011 first-round pick and Golden State's 2012 pick that the Nets own.

Williams, a free agent in 2012, had been unhappy with the Jazz, and his clash with former Utah coach Jerry Sloan reportedly contributed to the coach's decision to retire earlier this month. He has averaged 21.3 points, 9.7 assists and 3.7 rebounds this season as one of the premier point guards in the NBA.

Even after failing to land Anthony, it was widely reported that the Nets would still be active on the trade market before Thursday's deadline and Harris' name was one that repeatedly came up in trade discussions. In fact, they even canceled their practice yesterday in order to regroup and sort out potential trade possibilities. Harris, 28, averaged 15.0 points, 7.6 assists and 2.4 rebounds with the Nets this season.

Favors, the Nets' third overall pick in the 2010 draft, was averaging just 6.3 points and 5.3 rebounds in less than 20 minutes per game.