OKC trades CP3 to Jazz for Conley and Ed Davis (for salary reasons).

OKC does this trade because they get a first round pick, a second as well as huge salary cap clearance as both Conley and Ed Davis expire and save ~40 million next year. Conley also looked significantly better in the bubble, so if they ride that form they could still remain competitive / flip him in the trade deadline for a bad contract and some picks if he regains good form, and OKC chooses to rebuild.

Jazz do this trade to add that extra piece that could get them over the hump. They went to 7 games vs Denver this season, and would've easily won that series if their starting point was CP3, and could've made a big run in playoffs. CP3 in a longer contract, and at risk of regression but considering their post season and Conley's form all season, its a risk worth trading.

Regarding other CP3 trades, this might be the best one OKC gets as they get picks as well as get off CP3's mammoth contract without taking back terrible contracts themselves.