Rudy Gay was finally traded earlier tonight after weeks of speculation that had intensified over the past few days. After initial reports had the Grizzlies and the Raptors were talking trade, the deal, which was sealed when Detroit came on board as a third partner, was completed. Rudy Gay is on his way to the Toronto Raptors, along with Hamed Haddadi, while the Grizzlies get Ed Davis and Jose Calderon from the Raps.

Calderon was then packaged to Detroit for Tayshaun Prince and Austin Daye. The Grizzlies also received a 2013 econd-round pick from Toronto as part of the deal. But, most importantly, they have cleared Gay's $16.5 million this season - along with $37 million more over the next two years - off the books, thereby avoiding the luxury tax threshold.

Memphis general manager Chris Wallace thanked the outgoing players for their service, and welcomed the new additions to the team.

"We are excited to add three players who bring with them a tremendous amount of value to our team and have achieved incredible success on the pro, college and Olympic levels," Wallace said in a statement Wednesday night. "In these players, we welcome NBA Champion and Olympic gold medalist Tayshaun Prince, as well as up-and-coming athletic forwards Ed Davis, who won an NCAA title at North Carolina, and Austin Daye."