Brooklyn Nets strike trade for Joe Johnson

Posted on: July 2nd, 2012 by Devin Kharpertian Comments

via NetsDaily:

The Nets have all but completed a trade for Joe Johnson, the six-time all-star, league sources tell NetsDaily. In return, the Hawks get expiring contracts and a first round pick. NOT included in the trade: MarShon Brooks and Gerald Green. The Nets also didn't have to give up their own first round pick in the trade. The trade will not be finalized until July 11.

Johnson, who is still owed $89.3 million over the next three years, was dealt for Anthony Morrow; Jordan Farmar, who will be bought out at Atlanta's expense; Jordan Williams, Johan Petro, a signed-and-traded DeShawn Stevenson and the Rockets 2013 lottery protected first round pick.

As a result of the trade, the Nets are now eligible for the full $5 million mid-level exception (which they reportedly will use to sign Bosnian forward Mirza Teletovic) and the $1.95 million bi-annual exception. They also retain two trade exceptions worth $3.0 million and $1.30 million, acquired in the Gerald Wallace trade; $3.0 million in cash considerations; Kris Humphries Bird Rights; all their own first rounders from 2013 through 2018 and the draft rights to two top European players, Bojan Bogdanovic and Toko Shenghelia.

We'll have thoughts on this coming soon.