The deal
Lakers get: Forward Corey Brewer, Houston's 2017 first-round pick
Rockets get: Guard Lou Williams
Houston Rockets: A-
While Rockets guard Eric Gordon is the overwhelming favorite because of his team's success, at the moment Williams would be my choice for the Sixth Man of the Year Award, which he previously won in 2014-15 with the Toronto Raptors. Williams has been the more efficient (.609 true shooting percentage vs. Gordon's .570) and more prolific (.308 usage vs. Gordon's .237) of the two players, who will now be teammates.
Williams should be a huge upgrade over Brewer, who has experienced something of a return to form in Mike D'Antoni's up-tempo system (he's making 54.1 percent of his 2-point attempts after declining to 46.0 percent last season) but whose value remains limited by his poor 3-point shooting (23.4 percent for the season; 28.4 percent career).
Houston sacrifices some size and length with Williams presumably picking up Brewer's minutes, but the superior offensive threat he poses should more than make up for it. A Williams-Gordon backcourt makes the Rockets potent even with Harden on the bench.
Importantly, Williams is also better suited to serve as insurance should one of Houston's three guards (Gordon and starters Patrick Beverley and James Harden) miss an extended period due to injury. The Rockets have been relatively healthy since Beverley missed the season's first 11 games following knee surgery, during which they went 6-5. They've subsequently played well when Beverley and Gordon have missed a handful of games but would have had a harder time covering for a long-term absence.
The fascinating part of this swap is that Williams and Brewer both signed three-year contracts in the summer of 2015, and Brewer, not Williams, has the higher salary. The Brewer contract was a rare misstep by Houston's front office in terms of value, and being able to upgrade the spot without taking on additional salary surely helped convince the Rockets to part with a first-round pick in this deal.
Houston will have Williams under contract next season at $7 million, a salary that's eminently movable should the Rockets attempt to make a splash in free agency. Otherwise, Houston can simply bring Williams back and have a deeper guard rotation in 2017-18 as well.
Los Angeles Lakers: B
The Lakers wasted little time accomplishing part of the first of the three steps I outlined for the franchise after Tuesday's front-office makeover, moving Williams for future value. The Lakers don't need his production right now nearly as much as they need to continue adding to their young talent.
Taking back Brewer's contract obviously isn't ideal for the Lakers, who forfeit the cap room they stood to add by trading Williams for players in the last year of their deals. But if that was the only way they could get a first-round pick for Williams, I think it's an acceptable cost.
Barring surprising interest from one of the top players on the market, this summer isn't really when the Lakers should plan to strike in free agency anyway. Their chances at a star are much better in 2018, when DeMarcus Cousins and Paul George could be unrestricted free agents. And if the Lakers do need to clear max cap space for a free agent, they could always stretch the $7.6 million Brewer is owed next season and clear about $5 million in additional room.
The subtle benefit of trading Williams relates to my second recommendation for the Lakers: doing everything possible to finish with the league's second-worst record so they maximize their chances of drafting in the top three and keeping their pick (plus their 2019 first-rounder, which otherwise goes to the Orlando Magic unprotected).
Williams' efficient volume scoring was propping up the Lakers' record. With him on the court, according to NBA.com/Stats, the Lakers were outscored by just 1.3 points per 100 possessions. With Williams on the bench, they've been outscored by an incredible 12.3 points per 100 possessions, the worst off-court net rating for any Lakers player.