The Grizzlies also receive a second-round pick for 2009 and cash. That pick originally belonged to Memphis; it was acquired by the Rockets during last year's draft, part of the deal that brought forward Donte Greene to Houston. Greene was later traded to Sacramento as part of the trade that brought Ron Artest to the Rockets.

The 6-foot-3 Francis has not played this season, though he remained a fan favorite from his previous stint with the team from 1999-2004. He was an All-Star three straight seasons (2002-04) and led the Rockets to the playoffs in 2004, where they lost to the Los Angeles Lakers in the first round.

The 31-year-old Francis has career averages of 18.1 points, 6.0 assists and 5.6 rebounds, but he hasn't played a full season since 2004-05 with Orlando. He was traded to New York during the 2005-06 season and played only 38 games for the Knicks the next year because of knee and ankle injuries.

He re-signed with Houston in July 2007, but played in only 10 games during the 2007-08 season after tearing a quadriceps tendon in his right knee. He underwent surgery in February 2008 and never regained his old form. Fans still often chanted his name during home games and called radio talk shows, asking why he wasn't playing more.