According to ESPN, there's a complicated multi-team deal going on. The portions that potentially affect Orlando are:
The Matrix is going to Dallas.
Hedo Turkoglu's acquisition by Toronto becomes a sign-and-trade instead of a free agent signing. This will (theoretically) allow Toronto to re-sign Carlos Delfino. It also gives the Magic a $7 million trade exception, which is a heck of an asset if we use it.
The odds of Dallas re-signing Brandon Bass just became extremely slim.
Memphis will have cap space. They traded away Buckner for Douby, Stackhouse, and enough cash to buy out Stackhouse's contract.
Toronto now has their MLE again, instead of using it on Turk.