According to Adrian Wojnarowski, the Nets have a "done deal" with the Utah Jazz to acquire Deron Williams. It's a three-team trade, with Derrick Favors, Devin Harris and picks going to Utah, Troy Murphy going to Golden State and other moving parts.
If this is true, and Woj is typically very solid with his intel, the Nets absolutely played this trade deadline beautifully. Mikhail Prokhorov intentionally drove the price up for Carmelo Anthony, making the Knicks bid against themselves, then he turned around and got the much better player for less from the Utah Jazz.
I'm not sure if Williams will re-sign in NJ, and I don't think he makes them that much better in the short term, but he's head-and-shoulders above Melo, and his impact on the Nets will be much greater.
Tip your cap to Teddy KGB, he made Dolan and Isiah look like the fools they are.
On a side note, I wonder if Jerry Sloan comes back now?