The clock struck July 1, the NBA free agent floodgates opened, and all hell broke loose. A big trade and a blizzard of free agent signings in the last few days has even the tepid NBA blogosphere buzzing. A quick recap, with analysis:

Toronto deals Charlie Villanueva to Milwaukee for TJ Ford. CV is an imminently likeable player, was a fan-favorite in Toronto, and is a versatile forward. So you can see why Toronto fans are apprehensive he was dealt him for a can’t-shoot point guard who missed a year and half with a back injury. Mr. Colangelo must know something we don’t: Is Kris Humphries ready to start? Is Bargnani closer to ready than we think? CV and Andrew Bogut will form a talented – but soft – frontline for Milwaukee. But is Maurice Williams ready to become a starting point guard? Questions galore. Slight advantage: Toronto.

New Orleans signs Peja Stojakovic for $64 million. Did New Orleans grossly overpay for an on-the-decline, one-dimensional player? Yes. But did the Hornets improve? Yes. If you see Chris Paul doing the happy dance this summer, it’s because he now has a certifiable three-point gunner (for CP’s drive and kicks), and the draft unearthed two nearly-NBA-ready bigs: Cedric Simmons and Hilton Armstrong. Final verdict: A better team, but the West is too tough for these guys to make the playoffs.

Atlanta Hawks sign Speedy Claxton. Maybe clueless Billy Knight had a plan after all. Sort of. Here’s the deal: Speedy is a fun player to watch, in perpetual motion, and always has been a solid backup. Key word: Backup. For $25 million, is he that much of an upgrade over Salim Stoudamire? Knight was delusional about the offseason – we hear his primary target was Sam Cassell, which is simply laughable. But with Jason Terry snapped up, Mike James too offensive-minded, and former Dukie Jay Williams untested, Atlanta had few options. Verdict: Claxton isn’t enough to push this team into playoff contention.

Chicago signs Ben Wallace away from Detroit for $60 million. While an extensive analysis can be found here, we’re just going to note that his playoff points, rebounds, and blocks fell off sharply from his regular season numbers. Still, the Bulls needed an enforcer inside, and Big Ben’s got a few more years left. Detroit fans have to be wondering: Why’d we trade Darko? Verdict: The Bulls should earn the 4th playoff seed, and win a series.

Detroit signs Nazr Mohammed away from San Antonio. And Joe Dumars totally redeems himself. Mohammed is a serviceable center who shoots free throws better than Big Ben, but doesn’t provide the toughness or rebounding. Not a terrible consolation prize, considering Dumars coveted Joel Przybilla. The bigger story is San Antonio, which in the span of two weeks, lost both of Tim Duncan’s caddies up front (Rasho Nestrovic being the other). RC Buford, are you asleep at the wheel? Verdict: Does this push the Spurs behind the Mavericks and Suns?

Portland resigns Joel Przybilla for $30 million. Bet the Spurs are kicking themselves for only offering 4 years for $24 million, considering Przy could have been had for 5/30. Verdict: Thirty wins should be within reach.

IIndeBENdence Day (Blog-A-Bull)
Peja Frickin’ Stojakovic!! (Hornets 247)
Sorry Charlie (Raptor Blog)
Welcome, Speedy! (Atlanta Hawks blog)