Lots of bullshit players and contracts involved. Distilling it down...
Bulls: Lonzo Ball for Jett Howard
Magic: Jett Howard for CJ McCollum + Javonte Green
Pels: McCollum, Green, & Theis for expiring contracts + 1 2RP
Lakeshow: D-Lo + 2RP for Ball & Theis
Of course this only works if all the names above are healthy. Magic take on cap this year but they have room. Bulls & Pels duck the tax. LAL cuts a small amount. If LAL doesn't want to give up any draft capital, just exclude the them, send more of the Magic contracts to CHI, and keep Ball's expiring deal in New Orleans.
Basing this on the following:
Bulls are saying they want a two 2RPs for Ball. That is spot-on for Howard's value, a guy they can plug in to their rebuild immediately and actually give him minutes. If it works out, he gets expensive when LaVine's deal runs out. They might additionally want their 2027 pick back from NOP.
Magic need 2025 playoff caliber backcourt help. Jett Howard has to go for the money to work, but he prevents them from spending any picks. They get off the Anthony deal, but onto the CJ one, so. I still think Anfernee Simons is a better fit for ORL- and you could swap PDX in for NOP here- however that would definitely additionally cost ORL their 2025 1st (which ORL might prefer to do anyway, since they then don't have to pay that person). PDX doesn't have a lot of cheap parts they can send back for roster balance (Kris Murray?? He's costing a 2RP...), so I could see the necessary draft capital from ORL begin to pile up. The big variable here would just come down to what is ORL willing to pay, to get what? If you want to resign Simons in 2 years, to justify paying for his youth, can you even afford to? Details details details.
Pels need to move McCollum's 2026 contract for expiring money. Green + Theis are for sure gone ny the deadline to yield a 2RP. If Pels can keep D-Lo moving for another 2RP, cool. If not, at least he's on an expiring. They take a chance here on being able to repackage D-Lo, but if they can't at least they ducked the tax. If Pels (and the Bulls) are confident they can get a positive asset for D-Lo, then they might send CHI their 2027 2RP back. If D-Lo somehow yields 2 2RPs, they could send one to ORL. Legit question-- is there any team in the league that actively WANTS D-Lo this year? Like to play him?
Lakers are rumored to be after Lonzo (love that for them tbqh) and C depth. Bulls want 2 2RPs, and have no big man depth to offer. This costs them only 1 pick, and they get Theis. If they'd prefer Vucevic, I guess you could just swap him into this and send another pick to the Bulls (and keep Wood + send Theis to the Bulls), but if I'm LAL I'd prefer Ball and the lower price. They can save the other 2RP pick to use elsewhere.