The Magic are quickly approaching the 2nd apron with new large deals for Franz and Suggs going into effect and Banchero due for a new deal after next season (Summer 2026). I can see them trying to create some wiggle room to make other moves down the road.

Magic do this trade because they were last in 3 point shooting and Knecht was projected top be a lottery pick last year before falling to the Lakers with the 17th pick. Knecht remains under team control with his rookie deal and they get a big expiring contract with Kleber (and Shake's unguaranteed contract) so that they can resign Banchero and stay below the 2nd apron.

Mavs do this to get a PG while Kyrie is recovering from injury (and Kyrie also has contract uncertainty).

Lakers do this to address the C position and Gafford reportedly wants to play with Luka again.

Alternatively, the Bulls can be a 3rd team by replacing the Magic. The Bulls would send Lonzo Ball to the Mavericks.