The Portland Trail Blazers continued to make moves after firing head coach Nate McMillan on Thursday.
They traded forward Gerald Wallace to the New Jersey Nets for center Mehmet Okur, forward Shawne Williams and a 2012 first-round draft pick and waived former No. 1 overall draft pick Greg Oden and fellow center Chris Johnson.
They have also agreed to trade center Marcus Camby to the Houston Rockets for center Hasheem Thabeet, guard Jonny Flynn and a second-round draft pick, per several reports.
Wallace, who started 42 games for Portland, brings averages of 13.3 points and 6.6 rebounds to the Nets. Okur was averaging 7.6 points and Williams 4.5 for the Nets.
In a statement, Trail Blazers acting general manager Chad Buchanan said the deal was "very compelling" because it gives the team flexibility in free agency and an attractive first-round draft pick.
The draft pick is top-three protected, meaning Portland will own the pick in 2012 as long as it is not in the top three of the NBA Draft.
The Nets said they were excited to add Wallace's "experience and toughness at the small forward position."
"His leadership and defensive prowess will be assets to our team going forward," general manager Billy King said in a statement.
Oden, of course, has been plagued by injuries since Portland drafted him ahead of Kevin Durant with the top overall pick in the 2007 draft. The 24-year-old hasn't played a game since fracturing his left patella on Dec. 5, 2009, and he appeared in only 13 games for the Blazers since being drafted.
Johnson, 26, was averaging 1.6 points in 20 games before the trade.
"I'd like to thank Gerald, Greg and Chris for all they've done for the franchise and hope for nothing but the best for them and their futures," Buchanan said.
Earlier, the Blazers fired McMillan in the aftermath of a 121-79 loss to the Knicks in New York on Wednesday night, which dropped the team to 20-23 after their seventh setback in nine games.