I'm skeptical either team would make this trade. A few thoughts...

Hawks: Sam Amick reports the Hawks asking price for Collins has "dropped significantly." The Hawks upgrade a pick that's unlikely to hold great value soon for an unprotected pick this year in a well-regarded draft. They also get a 2nd round pick next year and salary relief, which is apparently important to Hawks ownership. Downside is the pick may not be that high given the Kings success, and if Collins regains his old form, this is a terrible trade.

Kings: Kings give up an unprotected pick, but get their 2024 pick back, and more importantly the ability to trade 1st round picks before 2028. They also get Collins who might provide insurance if Barnes leads. The downside if they could be stuck with an albatross of a contract. If they fail to make the playoffs, loss of their draft pick this year is brutal. If that pick somehow turned into Wembanyama, the City itself would implode (and everyone loses their job).