The current NBA CBA was ratified on December 8th, 2011. A protracted lockout by the NBA owners concluded and an abbreviated 66 game season began on Christmas Day. Negotiations ended in a rout for the owners but there was significant hope for small market franchises like the New Orleans Pelicans. The luxury tax grew far more punitive and additional limits on tax paying teams promised to reel in big spending.
Hilarious.
Chris Paul was traded (after he stated his desire to become a free agent at the conclusion of the season) to the Los Angeles Lakers the same day according to Adrian Wojnarowski.