It really doesn't look like we're going to make a trade before the deadline of 3 PM. Otis Smith told the Orlando Sentinel as much this morning, which seems to refute that New York Post report which stated the Magic might banish send Carlos Arroyo or Keyon Dooling to the ninth circle of Hell Knicks. No major deals have taken place yet, although the Cavaliers are apparently in talks with a mysterious other party (Miami?) regarding a pretty damn good player (via HLHPSTSMBS), and the Grizzlies are trying to get in on the Hornets/Rockets deal.
Hardwood Paroxysm has updated this post throughout the day with the latest developments. Be sure to check that one out, especially in the hour leading up to the deadline. I'll be away from the computer -- yeah, bad timing, I know -- but Matt has you covered.