Alternative to that deal, stupid ESPN doesn't allow you to enter in a lot o fplayers, and RealGM's trade checker kind of sucks to work with, so will try to do it by the actual numbers.
Cleveland In: Jamison, Blake
Cleveland Out: Ilgauskus, Hickson, 1st rounder
Memphis In: Outlaw
Memphis Out: Williams, 2 1sts.
Portland In: Haywood, Butler, Oberto, LAL's 1st
Portland Out: Joel, Blake, Outlaw, Mills
Washington In: Joel, Ilgauskus, Hickson, Cleveland's 1st, Denver's 1st, Mills, Williams
Washington Out: Jamison, Butler, Haywood, Oberto
Cleveland gets a solid stretch 4 and a good backup PG at a pretty minimal cost. Z would be bought out, and re-sign with them, as well.
Memphis gets a player they have coveted, for 2 late firsts, and a player not seeing much time anyways.
Portland adds front court depth, and a solid wing in Butler. I might even look to move Butler in a follow up deal, potentially.
Washington. They lose a ton on the talent side of the deal. But currently, they are over the LT limit by 8,999,437. This deal would shave 8,550,981. So they'd be over by about 400,000. If they can buy out Z for 11 million, instead of the 11.6 he will make this season(Money Z would make up by re-signing with Cleveland, and I'm assuming he;d be open to), Washington in one move would gain 2 late firsts(maybe even 3, shoudl probably just give them LA's pick as well), a decent young PF in Hickson, a PG in Mills who has some potential, and would go from paying almost 18 million in L.T. to receiving the 4 million dollar pay-out for teams under the threshold. A 22 million dollar savings THIS season. They take on a year of Joel's deal, but still save 16.5 off of next season's salary, and then the additional 15 Jamison is owed in 2011-12. They would drop to roughly 13 million UNDER the cap this offseason, and obviously, aton more if they can remove Arenas. But if not, they can start fresh.