The Nets have completed a four-team trade that sends Courtney Lee to the Rockets and brings Sparta native Troy Murphy to New Jersey. The deal was approved by the league offices at around 3 p.m. after being in the works for a week.

Besides the Nets and Pacers, the Rockets and Hornets were involved in the deal.  James Posey and Darren Collison go to the Pacers while Trevor Ariza heads to the Hornets. ESPN's Chad Ford broke the story.

The 6'11" Murphy is one of the game's top three point shooters from the four spot, with a career percentage of 39.4%.  With the addition of Murphy, Travis Outlaw, Anthony Morrow, Jordan Farmar and Damion James, the Nets have the potential to become one of the league's top three point shooting teams.

"I'm excited about playing for the up-and-coming Nets and coach Avery Johnson," Murphy said. "I enjoyed my time in Indiana, but it's time to move on."

The trade, the first under King, will reduce the Nets' cap space by $10 million to about $4.3 million. Murphy, who has an expiring contract, makes $11.9 million this season while Lee, still on his rookie contract, makes $1.4 million. However, with Murphy, Kris Humphries and Quinton Ross' contracts expiring at the end of the season, the Nets could have more than $20 million in cap space come July.

• Sources: Four teams agree on trade - Chad Ford - ESPN
• Breaking down the 4-team trade - Kevin Arnovitz - ESPN
• NBA Trade Machine - ESPN
  
• In filling power forward hole, Nets bring Troy Murphy back home - Dave D'Alessandro - Star-Ledger
  
• Nets to acquire Sparta native Troy Murphy - Dave D'Alessandro - NetsBlast
• Nets snag Murphy in four-team deal - Fred Kerber - New York Post
  
• Nets acquire Sparta's Troy Murphy in four-team trade - Al Iannazzone - The Record
• Jersey Product Comes Home - Al Iannazzone - In the 'Zzone
• Nets Get More in Murphy Deal - Al Iannazzone - In the 'Zzone
  
• Nets acquire Troy Murphy, solidify starting lineup - Stefan Bondy - The Internets
• Nets acquire forward Troy Murphy from Pacers in four-team deal that sends Darren Collison to Indiana - Stefan Bondy - New York Daily News
• Transcript of Billy King conference call regarding Murphy trade - Stefan Bondy - The Internets
  
• Nets Fill a Hole, Hornets Get Paul Some Help - Lynn Zinser - New York Times
  
• Nets get power forward - NJ's own Tory Murphy - Tom Canavan - AP
  
• Pacers get Collison from Hornets in 4-team trade - Clint Brunt - AP
  
• Hornets land Ariza in four-team trade - Marc J. Spears - Yahoo! Sports
• Rockets, Hornets, Nets, Pacers working on blockbuster trade - Chris Mannix - Sports Illustrated
  
• Report: Darren Collison to Pacers, Trevor Ariza to Hornets in Four-Team Trade - Tom Ziller - FanHouse
  
• Pacers trade Troy Murphy, acquire Darren Collison and James Posey - Mike Wells - Indianapolis Star
• Pacers Get Their Point Guard - Mike Wells - Indianapolis Star
  
• Who wins in four-team trade? Collison, Indiana and New Jersey big, but everyone really - Kurt Helin - NBC Sports
• Four-Team, Five-Player Trade Official - Ryne Nelson - SLAM
• We’re Not Done Yet? - Sekou Smith - NBA.com
  
• NETS: Nets Obtain Forward Troy Murphy from Indiana - New Jersey Nets
• NETS: Nets Trade for NJ Product Murphy to Fill in at Power Forward - Ben Couch - New Jersey Nets
  
• NETS: A Quick Bit of Analysis - Ben Couch - New Jersey Nets