The talks all summer have not only been about the Olympics. The NBA is revolving around one player, and that's the Orlando Magic's center, Dwight Howard (A.K.A Man-child).
There have multiple rumors involving, what seems to be, only two teams. Howard has come out not once, but twice that he will not sign an extension with the Magic and wants to be traded. The two teams that have been interested in Howard have been the Brooklyn Nets and Los Angeles Lakers.
Howard likes the idea of playing with the Nets because they are in a new location, new arena, and quite frankly are in need of a superstar player to change what people think about the team. He wants to be "the guy" to whichever team he goes and that's the main reason the Nets are looking so impressive to him.
The Lakers have made a big push to try and receive the Magic center. Their offer consisted of a 3 team trade which involved the Cleveland Cavaliers which the Lakers would receive Howard, the Magic would receive multiple draft picks and a few small players, and the Cavs would receive Lakers center Andrew Bynum. It seemed like the deal was going to get done and the all of a sudden, the Cavs backed out.
If the Magic were smart, they would get rid of Howard before the end of the season and he hits the market. They need to get as much as they can for him but something is better than nothing. The Magic are indeed in a pickle but you can't keep a player who doesn't want to be there.
My prediction is the Lakers will end up with Howard and will end up dominating the league until Kobe Bryant retires. The main reason they will be dominant, the Lakers also acquired veteran point guard Steve Nash. A great distributor who can give the ball to Kobe and Howard will be a better "Big 3" than the Miami Heat's "Big 3."