Update: PBT has updated their site to say “looks like” a done deal… There is still hope that this traveshamockery of a deal may not happen. stay tuned.

Yet another update: Jason Fleming – 02/23/2011 8:40pm EST-
Yahoo! Sports’ Adrian Wojnarowski is reporting the once-done Gerald Wallace to the Portland Trail Blazers deal may be off. He says Michael Jordan may be getting cold feet with regards to whatever the package was Portland was offering – of which, we still don’t know what that was.
Wallace was a much-rumored piece to be moved in the past, too, and then pulled back late.

ProBasketballTalk

UPDATE 3:51 pm: It is a done deal, Gerald Wallace has been traded to the Portland Trail Blazers, according to a tweet from the well connected Dwight Jaynes. And no, Nicolas Batum is not part of the package headed back to Charlotte. That makes this a win for Portland at first glance.

The deal will send Joel Pryzbilla, cash and other players back to Charlotte. The Bobcats had been working hard to save money and that seems to be what they get out of this deal. Not players that make them better.

Stay tuned to our blog and trade discussion forum for the latest details.