(TSX / STATS) -- The Houston Rockets acquired All-Star guard Chris Paul from the Los Angeles Clippers in a blockbuster eight-player trade on Wednesday.

Paul, 32, will join James Harden in the backcourt with the Rockets, who sent Sam Dekker, Patrick Beverley, Lou Williams, DeAndre Liggins, Darrun Hilliard, Montrezl Harrell, Kyle Wiltjer, a top-three protected 2018 first-round pick and $661,000 to the Clippers.

"Any day you can acquire a Hall of Fame-level player is a good day for the franchise," Rockets general manager Daryl Morey said. "... It's a weapons race in the NBA, and you're either in the weapons race or on the sidelines. We felt with Harden in his prime, Chris Paul in his prime, this gives us a real shot to chase the juggernaut teams that are out there and puts us right there with them."

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(TSX / STATS) -- The New York Knicks parted ways with team president Phil Jackson on Wednesday morning after three disappointing seasons.

"After careful thought and consideration, we mutually agreed that the Knicks will be going in a different direction," Knicks owner James Dolan said in a statement. "Phil Jackson is one of the most celebrated and successful individuals in the history of the NBA. His legacy in the game of basketball is unmatched. We wish him the best and thank him for his service to the Knicks as both a player and an executive."

(TSX / STATS) -- Golden State Warriors star forward Kevin Durant plans to wait until later this summer before re-signing with the NBA champions.

The NBA Finals MVP decided last week to decline his $27.7 million player option for 2017-18 to become an unrestricted free agent on July 1 before re-upping with the Warriors. He reportedly notified Golden State of that decision this week.

(TSX / STATS) -- The Toronto Raptors promoted Bobby Webster to general manager on Wednesday.

In addition, the organization promoted Dan Tolzman to assistant general manager and vice president of player personnel, and Keith Boyarsky to vice president of basketball strategy and research.

(TSX / STATS) -- The Sacramento Kings are making major changes to their roster in a youth movement, and apparently they are not afraid to spend money in that pursuit.

The Kings made European star Bogdan Bogdanovic the highest paid rookie ever by reaching agreement a three-year, $36 million contract, the Sacramento Bee reported Wednesday.

(TSX / STATS) -- The Atlanta Hawks traded forward Ryan Kelly to the Houston Rockets on Wednesday in exchange for cash considerations.

Kelly, 26, appeared in 16 games for the Hawks last season, averaging 1.6 points and 1.1 rebounds in limited play.

(TSX / STATS) -- The Houston Rockets were busy on Wednesday.

Aside from a blockbuster deal with the Los Angeles Clippers for guard Chris Paul, the Rockets made deals with three other teams -- the Detroit Pistons, Atlanta Hawks and Philadelphia 76ers.

(TSX / STATS) -- John Wall believes Paul George is the missing piece to the Washington Wizards' championship puzzle.

Wall told ESPN's The Undefeated on Monday that he is recruiting George to push for a trade from the Indiana Pacers to the Wizards in order to challenge LeBron James and the Cleveland Cavaliers for Eastern Conference supremacy.

(TSX / STATS) -- Golden State Warriors forward Matt Barnes pleaded guilty Tuesday to disorderly conduct stemming from an incident at a New York nightclub but avoided jail time.

Barnes was ordered to perform 10 days of community service and was allowed to complete the work in California. He has until his next hearing date on Aug. 29 to perform the community service.

(TSX / STATS) -- Phoenix Suns forward Jared Dudley will be sidelined for three to four months after undergoing surgery last week on his left toe ligament and bone.

Dudley underwent the procedure Friday at Methodist Sports Medicine in Indianapolis, the team announced Tuesday.