The Mavericks will get Doug McDermott from the Knicks and a second-round pick from Denver (via Portland). Denver will acquire Devin Harris from the Mavericks and a 2018 second-round pick from New York (via the Clippers).
Knicks general manager Scott Perry said Wednesday that he'd like to acquire a young, athletic player at the trade deadline, and the club achieved that. Mudiay, though, has not met expectations in Denver.
The seventh overall pick in the 2015 NBA draft, Mudiay has averaged 8.5 points and 2.9 assists this season. After starting 107 games during his first two seasons in Denver, he hasn't cracked the starting lineup this season.
He also has struggled defensively, ranking last in the league among all point guards in defensive real plus-minus.
The Knicks clearly hope that a change in scenery will aid the 21-year-old.
While Jamal Murray will remain the starting point guard for Denver, Harris could end up filling in as the primary backup for the Nuggets, who have lacked a veteran presence in their backcourt since parting with Jameer Nelson.
Harris, 34, the No. 5 overall pick in the 2004 draft, has had two stints with the Mavericks. He is averaging 8.5 points this season. He also has played for New Jersey, Utah and Atlanta during his career.
The arrival of McDermott, who is averaging 7.2 points this season, provides depth for the Mavericks at the wing behind Harrison Barnes. McDermott could see legitimate minutes with the second unit.
It's unclear at this point how Mudiay's arrival will impact minutes for Knicks rookie Frank Ntilikina. In the wake of Kristaps Porzingis' ACL injury, the Knicks planned to play younger players like Ntilikina and Trey Burke more often for the remainder of the season.
Mudiay will now enter into that group as well, leaving Knicks coach Jeff Hornacek with several young guards to juggle in his rotation.
Opposing teams also expressed interest in the Knicks' Courtney Lee and Kyle O'Quinn prior to Thursday afternoon's trade deadline, but New York did not get the first-round pick that it coveted in any deal involving Lee.
The Knicks now have to decide what to do moving forward with disgruntled center Joakim Noah, who is away from the team indefinitely -- based on a mutual agreement between the player and the club -- in the wake of an argument with Hornacek.
As of earlier this week, Noah had shown no interest in accepting a buyout from the Knicks, per league sources. Including this season, he is owed $55 million over the next three years on the four-year contract signed with New York in the summer of 2016.
Denver made a push to acquire the Grizzlies' Tyreke Evans and gave Memphis a choice of two offers, league sources told ESPN's Zach Lowe: Mudiay and one second-round pick, or an expiring contract and multiple second-round picks. Memphis wanted more, and didn't want to take on any 2018-19 salary, the sources said.
ESPN's Ian Begley contributed to this report.