Because they continue their post-Amare makeover. Phoenix is able to make this deal thanks to the trade exception they received from the Knicks in the Amare deal. Childress signs a 5-year, $34 million deal prior to being traded. He brings some athleticism to the wing and ultimately replaces Barbosa as a talented scorer off the bench. He will fit well in their up-tempo style of play and considering they give up pretty much nothing in return, it's a great deal for the Suns.
Why this makes sense for Atlanta:
In re-signing Joe Johnson to the max deal, Atlanta now has plenty of depth on the wing with Jamal Crawford and first-round pick Jordan Crawford coming off the bench. That makes Childress, who spent the past two seasons in Greece, expendable. It also means the Hawks do not have to add more money to their payroll which is important considering the Johnson signing, and the fact that starting big man Al Horford becomes a restricted free agent next summer and will require a serious payday. Getting a second-round pick in return is merely a throw-in but the reported $3 million trade exception could be a valuable asset for Atlanta to add a quality role player around the trade deadline.
In acquiring Childress, Barbosa became expendable and Turkoglu will help the team effort of trying to replace Amare's offensive output. Hedo was miserable after a disappointing first year in Toronto despite being one of the most coveted free agents last summer. He should be a great fit in the Suns' up-tempo offense due to his ability to handle the rock and shoot it from all over the floor. However, and it's a pretty big however, Turkoglu is due $44 million over the next four years which is rather ugly.
Why this makes sense for Toronto:
The Raptors are clearly trying to complete a total overhaul of their roster now that Bosh is in Miami. Turkoglu made it no secret that he wanted to be traded so when Toronto was able to get a decent offer of Barbosa, they couldn't say no. Barbosa is due $7.1 million this season and has a player option worth $7.6 mil for 2011-12. He can provide some scoring at the two-guard spot and replace Jose Calderon's minutes since the Raps seem almost certain to deal him. This saves the Raptors almost $20 million over the next four years which will provide them with more flexibility down the line.
The Warriors just signed Dorrell Wright and earlier this offseason added Charlie Bell so they have some depth on the wing making Morrow expendable. Golden State doesn't have much cap flexibility this season but the $4 million dollar trade exception gives them the option to add another player via trade without having to give anyone up in return.
Why this makes sense for New York:
Since losing out on all the marquee free agents, the Nets have switched modes to adding average players to multi-year contracts which seems like a waste of clearing cap space. New Jersey was going to sign Morrow to an offer sheet, but then the Warriors would have had the opportunity to match that deal. So instead, the Nets decided to offer up a trade exception to ensure Morrow ends up in Jersey. The 3-year, $12 million deal adds an offensive-minded Morrow to the New Jersey bench and gives them some needed scoring punch behind Courtney Lee.