I learned from a Grizzlies source tonight that a deal is in the works that would send the rights to Kevin Love to Minnesota along with Mike Miller, Jason Collins, and Brian Cardinal in return for the rights to O.J. Mayo, Marko Jaric, Antoine Walker, and Greg Buckner
UPDATE: Looks like this deal leaked nationally as I was getting the details. NBA-TV and ESPN.com are also reporting.
UPDATE: Look for Walker to be bought out.
Okay -- I've heard from three different team sources tonight that there's likely another major deal to come.
I've heard two different directions and am not sure which one is accurate yet.
Stay tuned.
I've learned from a team source that another trade is currently being finalized and should be completed within hour. I do not know the particulars at this time.
I've heard lots of stuff tonight about a potential deal that would have sent Mike Conley to Portland, but now it appears that will not happen. I don't know what all the details would have been, but it seems Travis Outlaw would have been involved.
I'm also hearing that Michael Beasley is not involved.
Mea Culpa: Seems there was a bit of miscommunication.
The "trade being finalized" is apparently just the already reported Mayo deal, which my source (different from initial Mayo deal source) didn't realize had already been reported.
It looks like the Mayo deal might be the end of the line.
More tomorrow.
UPDATE: A little explanation is probably in order before I go to bed. I'd heard from two team sources about the possibility of a Conley to Portland deal of some sort and also heard some conjecture (but only conjecture) about the Mayo deal being a precursor to a move for Beasley.
I went to a third team source — well after the Mayo trade was widely reported -- to see if there was anything to the Conley rumor, asking if there was still another deal in the works.
I was told there was. I asked if it involved Conley to Portland or Beasley. I was told it didn't, but that the deal was in the final stages of being finalized and would be released soon.
The source, apparently unaware of how widely the Mayo deal had been reported, assumed I was asking about "another" deal after the Darrell Arthur acquisition and was referring to Mayo trade.
Sloppy reporting. I apologize for the brief wild-goose chase. It's very late and I probably got a little caught up in the excitement of the unexpected dealing.
The O.J. Mayo era begins today.

Mayo and Darrell Arthur will be introduced to local media at a press conference at FedExForum at 11 a.m.
I'll have a full report from the press conferennce and analysis of the trade up on the site later in the day.
The Memphis Grizzlies introduced new draft picks O.J. Mayo and Darrell Arthur at a press conference today in the lobby at FedExForum. I’m still trying sort out my thoughts about the most unexpectedly active draft night in team history, one which kept media members and fans up late into the night trying to figure out what all was going on. For now, a series of discrete observations on the press conference, with a follow-up post to come on the new state of the team.

O.J. Mayo
*Most player introduction press conferences feature the men of the hour in business attire. Darrell Arthur looked the part in a conservative gray suit. Occasionally, we’ve seen players dress down, as in the T-shirt-and-jeans approach of Darko Milicic or second-round pick Will Soloman. But O.J. Mayo set a new sartorial standard with a fashion-forward look: plaid bowtie and brown vest on a gray-blue shirt, designer jeans, and unlaced brown-and-orange Nike high-tops. He just laughed when I asked afterward if he was tempted to bust out a little “Gold Digger” from the dais.

Not O.J. (But close.)
*Things got even more colorful when Chris Wallace introduced some of Mayo and Arthur’s friends and advisors who were on hand, with names such as Maverick Carter, Jazzy Hartwell, and Vinny Cheeks. I thought we were all in an Elmore Leonard novel for a minute there.
*Mayo said that Rudy Gay showed up at his family’s draft party in New York last night, unaware of the impending trade, and that the pair found out about it together via ESPN. Mayo says he befriended Gay when he was in town for the Nike Hoop Summit last year.
*Majority owner Michael Heisley addressed the question of trading Mike Miller and spending money in free agency in much the same way — by reasserting that the team was staying focused on the goal of building a sustainable contender (rather than looking for the kind of quick-fix that marked the Jerry West era; my characterization, not Heisley’s). He continued his recent mantra of being focused on assembling a young team that can grow together and make a run three years from now. In that strategy, Heisley said, “We can’t use someone who will over 30 when we get to that point.” On free agency, specifically, Heisley said, “We need to build a core — a young team that can grow together and then, when you’re ready to make your run, have the cap room to add the right free agent.” Heisley didn’t rule out a significant free-agent signing this season, but made clear that the focus is on growing the core through the draft and trade and then spending in free agency to supplement that core when the team is ready to contend. “It’s an important piece of the puzzle,” Heisley said of free agency. “But we’re going to do it at the right time.”
*I heard several reports about contentious activity — to say the least — in the Grizzlies draft room yesterday. Heisley seemed to confirm this when asked about the mood in the room last night. He said that “confusing,” “verbal,” and “intense” were the best words to describe it, then said: “I would hope people are involved and when people are involved, they have opinions and should be able to voice their opinion. But, ultimately, Chris [Wallace] and, to a lesser extent, I have to make a decision.”
*Asked about adding Mayo to a team already over-loaded with ball-handling guards, Chris Wallace said that Mayo was simply too significant a talent to resist. “This is about assembling talent. We weren’t concerned about having a glut of something on the roster. Need has a way of working itself out. Talent never does. The rest of the roster will sort itself out over the rest of the offseason.” When I pressed Wallace after the press conference about the fates of the team’s trio of incumbent guards (Mike Conley, Kyle Lowry, and Javaris Crittenton), Wallace said he didn’t want to fence himself in but that it was likely one would be moved before the start of next season. Conley, clearly, would bring the most in return. I suspect Lowry is the most likely to be moved, but a different team source said he expected Crittenton to be on the move. Apparently, the Grizzlies had a deal in place during the draft that would have sent Crittenton to Washington for the #18 pick (where the Grizzlies would have taken Courtney Lee), but Washington chose to stand pat when JaVale McGee was available.
*Heisley stressed wanting to develop a defensive culture as a franchise trademark, citing the Detriot Pistons as a model. Not sure how this offensively talented track meet of a roster fits that ideal.
*Wallace said after the draft that the team didn’t pick Love at #5 with a deal in place and would have been happy to keep him, but had talked to Minnesota earlier about a potential swap. Wallace said that when Love was picked, moving him in a trade was a 50-50 proposition. And, though the surprise acquisition of Darrell Arthur seemed to have paved the way for the Love-for-Mayo deal, Wallace says the trade would have been made even without Arthur in hand.

Oh yeah, Final Four anti-hero Darrell Arthur was in the house too.
A more analytical take on the trade and what it portends to follow later today/tonight.