In a move that added a lot of salary, the Memphis Grizzlies shipped Kevin Love, Mike Miller, Jason Collins, and Brian Cardinal to the Minnesota Timberwolves.

Who won the trade? Memphis. But it wasn’t much of a victory.

First of all, O.J. Mayo is the prize of the trade. His rookie scale contract combined with his talent and potential mean he’s going to be a pretty good investment for the next four seasons. So, in that light, Memphis is the big winner of this deal.

However – Memphis had to take on some pretty ugly contracts to make this deal. Antoine Walker’s contract (nearly $9 million a year for three more years) is a joke. Marko Jaric’s contract is pretty pricey ($6 million plus for the next three seasons), and it’s hard to imagine he’ll be getting much run in Memphis behind Lowry, Conley, Crittenton, and Mayo. Of course, it’s likely that Memphis is planning to move one or more of their guards. Miami is interested in Mayo, and this deal might just be a prelude to an even bigger deal with Miami. Maybe Miami swaps Beasley for Mayo and some contract shuffling…

Minnesota did OK. They dumped Antoine Walker’s HUGE contract off on Memphis, and all they had to do is take back Brian Cardinal’s deal. That’s a win. Kevin Love, while lacking athleticism, is a solid passer and can contribute off the bench at a minimum. Minnesota also got Mike Miller in the deal – an elite shooter that can provide some leadership. Of course, just like Mayo in Memphis, Miller actually playing in Minnesota seems far from certain.

It’s important to recognize that Mike Miller is a very attractive piece for a championship contender, and since Minnesota is in rebuilding mode, Miller can be had for nothing more than draft picks and an expiring contract.

It seems a little to premature to make a true judgment about this deal. It’s a near certainty that Memphis will trade one or more of their young point guards in the next couple of weeks. The Nuggets, for instance, had expressed an interest in Kyle Lowry. However, my guess is by the time the sun rises O.J. Mayo will be playing in Miami and Beasley will be teaming up with Rudy Gay and Mike Conley in Memphis.

Why else would Memphis take on all this salary? If there’s one thing we know for sure, Memphis HATES salary. Just ask Mitch Kupchak about that one…

But that’s not to say Jaric’s a bad player. His skill set isn’t league leading, but he’s got good range (better than 37% 3pt shooting the last couple of years), he’s a decent passer, and he can play a little “D”. He’s also got good size for a point guard (listed at 6’7″). He provides size, shooting, and above average perimeter defense when he plays.

In other words, Marko Jaric is exactly what the Nuggets need at point guard. He would be a great complement to A.I., he would improve Denver’s shooting, and he’d improve their perimeter defense.

Denver has an expiring contract that Minnesota would want – Eddie Najera’s $5 million comes off the books at the end of the season. Denver also has a decent journeyman PG to trade back in Chucky Atkins, although he’s likely out for the rest of the year (not that Minnesota would care).

Since Denver is probably reluctant to take on the balance of Jaric’s contract, Minnesota would have to part with some of their young talent to make the deal work. Craig Smith would be an excellent replacement for Eddie Najera – he’s a great hustle guy who can do the dirty work. Smith’s contract is up at the end of the year, but Denver should be able to re-sign him without paying him too much (he’s a restricted free agent after all).

So the deal looks like this: Marko Jaric and Craig Smith for Eddie Najera and Chucky Atkins.

Denver’s short-term in this deal looks good – Jaric gives the Nuggets the shooting they were supposed to have with Atkins, better perimeter defense, and one more piece they need to make a run at a championship. The Nuggets salary drops too – about $1.3 million this year, keeping them out of luxury tax territory. Long term, Denver acquires a promising young big man in Craig Smith that might someday start. At the very least, Craig Smith could fill in for Najera for the next few years.

Minnesota wins too — they dump a bad contract in Jaric, take another $5 million off the salary and the end of the year, and solve a playing time problem. Craig Smith is a promising talent, but Minnesota has plenty of power forwards. If Al Jefferson is more productive as a PF, or if Corey Brewer emerges to be a top-tier player, Smith becomes nothing more than a talented backup. Minnesota can replace a back-up PF through the draft or free agency.

Minnesota saves $16 million, Denver avoids the luxury tax, and both teams take a step towards getting better. Of course, this all depends on Nene’s health…if he’s out for the season, Najera’s probably too valuable to trade.