A first round pick seems to be holding up the completion of this trade. From Newsday:
The opportunity is there for Donnie Walsh to jettison Zach Randolph's unwanted hefty contract from the Knicks' payroll for some coveted salary-cap relief for 2010. But once again, according to a person with knowledge of the situation, the cost appears to be a precious first-round pick.
Once again, Walsh doesn't appear desperate enough to jump at a deal in which the Grizzlies would take the three years and $48 million left on Randolph's contract while giving a first-rounder to Memphis.
Walsh, just get rid of him already. You're getting younger with the addition of Milicic and he still might have some promise yet.