I'm one of the earliest advocates you'll see saying that the Pistons need their draft rights back form the Knicks. After I kept mentioning it I started to see it slowly trend in Pistons circles. I've been saying it and drawing up trades for YEARS (though I was overcomplicating it) because it truly does handicap the Pistons. The Pistons' best bet at adding a star or stars to the team is by having draft capital. Otherwise, typically no one will come and play there by choice. It just works that way for some teams. SAC, OKC, IND, MIN, and CLE are all teams that understood that and have positioned themselves in the playoffs through their trade methods. The Pistons have also won championships doing the same thing, specifically in 2004.
With that said, the Knicks have to know that they likely won't see that pick anytime soon at all with the Pistons being one of the worst teams EVER and the protections on the pick. This trade is sensible for each team and even each player RIGHT NOW.
WHY PISTONS
Troy Weaver and Tom Gores have to know that they must make a move asap. This season may be a wash but they need to do something that can restore hope at least for next year in the same way that the Detroit Lions started winning late last season and showed a glimpse of hope. The talent is there. The flaw is at the PF position. Having the pending cap space that they would have, the collection of youth, and the tradeable players that they have, the Pistons can get themselves into some big conversations. They could trade for Markkanen and pay him WHATEVER he requires due to the one good thing that Troy Weaver has done which is maintain cap flexibility. Markkanen is everything they need offensively and is serviceable defensively. They are also rumored to be big on Siakam. Siakam may not fit exactly right now but they need all of the talent that they can get. Siakam could potentially be grabbed for a slightly lesser fee than Markkanen. Another route that they could go is trading Bogdanovic, Killian Hayes, and a 2024 pick swap for Draymond Green and Johnathan Kuminga. Evan Fournier is an injury-prone bucket-getter as well. The Knicks haven't played him at all so he should be pretty healed to help the Pistons if they make a big trade and try to start winning. At the end of the season, they could easily shed his 18 mil.
WHY KNICKS
Simply put, they trade a player they don't play AT all and a pick they may not see until 2026. The Knicks want to win a championship. Removing a player who doesn't play for a big that adds depth after the loss of Mitchell Robinson is a win for the Knicks. Plus they turn a pick they likely won't receive in 2025 due to the Pistons being crippled with no draft capital to a guaranteed pick swap with a team that they'd be betting to still be picking before them. It's worth the gamble. Bagley is a talented player in the paint and a quality bench piece for a contender. The Knicks would STILL have a lot of draft capital to move around so this could simply be another stepping stone. Technically, in this trade, they don't lose a pick at all.