This is all terribly speculative and fast-moving, but it's the fun kind of speculation so I'm throwing it out there.
Numerous reports tonight, including this one from Adrian Wojnarowski of Yahoo, have Tracy McGrady getting dealt to Sacramento, along with Carl Landry, for Kevin Martin. (There are other bits and pieces involved, but those are the principals.) Some chatter suggests the deal could become a three-way with the Knicks, ultimately landing T-Mac in New York. McGrady isn't part of either Sacramento or New York's future plans. He's just a big, expiring contract.
Which raises the question of whether either of those two teams would buy him out, turning him into a free agent. If they do, it starts to get really interesting for you and me. For Woj also reports via Twitter that in the event of a buyout, McGrady "privately hopes to sign with [the] Lakers or Cavaliers for the playoffs."
For this to happen, the buyout would need to happen by March 1. And of course, the Lakers would have to be interested in adding him, and it's not at all clear they would be. It's worth noting, though, that the 30-day waiting period you've heard discussed in regard to, say, a buyout of Big Z by the Wizards would not apply to the Lakers in this situation. It applies only to the team that originally traded the player in question - in this case, Houston.
The odds of T-Mac ever putting on a Laker uniform remain awfully low, but suddenly the possibility is worth considering.
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