What happened: The framework sends either Jake LaRavia or Jaden Hardy, plus Dalton Knecht and second-round picks, to Chicago. Smith would go to Los Angeles in a transaction that can be completed separately from a Jonathan Kuminga deal.

Why it matters: A separate Smith deal would add frontcourt depth without resolving Kuminga's contract bind. The proposed cost is at least two players and second-round draft capital.

What to watch: Chicago's willingness to accept the player-and-pick package is the next test.