This is based on the proposed deal mentioned by Eric Pincus in Bleacher Report. I have no reason to believe that Phoenix is actually looking to move Chris Paul, but if they are, this is kind of how I see it:

Phoenix, believing that Paul is spent, moves him for a younger guard who they can re-sign in DLo. They give up a lottery protected FRP this year to move off of the extra year in Paul's contract.

Lakers take a chance that CP3 is a better fit with Lebron and AD and are able to redirect the lottery protected FRP they get for his longer contract, sending it to Charlotte, along with Wenyan Gabriel, to take Westbrook.

Charlotte moves off the long contract of Rozier, sends out two expiring contracts they don't intend to keep, and gets a FRP this year for their trouble. They aren't making the playoffs this year, so losing only helps them at this point. They either keep Westbrook (who Jordan reportedly likes) or they cut bait after the year. If the FRP doesn't convey this year, it becomes top 5 protected in 2024, then converts to 2 SRPs after that.

Timberwolves move Russell before losing him to free agency (and avoid having to give him a raise) in exchange for Rozier, who has 3 more guaranteed years) and a free look at Kelly Oubre when he is back from injury.