I really don't see why Melo would want to play in NJ and I don't see why NJ would trade away Favors and Harris in hopes of keeping Melo. Billups has already said he doesn't want to play in NJ and Hamilton doesn't have much left, so it would basically be Melo, aging veterans past their primes and a good, but not great Lopez......that isn't a team that could beat Miami, Orlando, Chicago or Boston. Melo should reject this trade, because down the road he'd be in bad situation. NJ should atleast try to keep either Harris or Favors. Melo is a good player, but he isn't a "carry the franchise" caliber of player, so he's going to need help.....and in NJ he won't get it.
You don't win in the league without Superstars...so, for the Nets to do this deal, it makes sense...they missed out on a bunch of the superstars in the off-season, so, they need to go out and get one NOW. Melo being the best available, the Nets are offering the house.
As for the salaries...the Nets take on Rip's deal, which is ridiculous, given. Billups has a team option next year, which, could allow them to buy it out this year, or just let him walk after the season.
Overall, the Nets will take on probably $26M in cap for next season which will put them at, or around $42M going into the off-season...which gives them room to make more room via FA (giving up Morrow, Favors, Petro, Harris, and trash gives them that ability).
So, essentially, next year, its Melo, Rip, Lopez, Outlaw, Farmar, and Damion James with money to spend next season.
Its not that bad. Once Rips deal expires in two seasons, you open up more money.
A trade of Outlaw would be nice, as well. You basically have a flood of players at that 3 spot.