Welcome to Day Two of our running log of the signings and trades taking place around the league in this crazy, compressed NBA off-season. We’ll start off by catching up on the transactions that broke over the weekend and this morning, and we’ll continue to keep you up-to-date throughout the day. Follow the Twitter feeds of TreySkeetsTas and myself for breaking news and for the latest update of this post.

6pm ET Update

Chauncey Billups is claimed by Clippers off amnesty waivers
Yes! Oh, this fills my heart with glee. Now, we’ll see if Chauncey is really going to retire like he threatened to if he didn’t get to hand-choose his team. If he reports but doesn’t give his full effort, maybe Donald Sterling will heckle him like he did with Baron Davis. Good times!

Celtics sign Chris Wilcox
I missed this Saturday signing in the previous update, but this is worth mentioning because Wilcox is a quality backup big who grabs rebounds and converts his scoring opportunities (.581 FG% last season). Between Brandon Bass and Wilcox, Danny Ainge has done a good job of bolstering the Celtics’ frontcourt.

Bulls re-sign Brian Scalabrine
Inexplicably, NBA teams keep offering this guy a roster spot. Maybe he keeps locker rooms loose with his freestyle rap skills.

3pm ET Update

Chris Paul trade talks between the Hornets and Clippers have been cut off
It would appear that Hornets GM Dell Demps’ insistence on Eric Gordon being included in the deal is the sticking point here. Does this mean the Celtics might re-enter these sweepstakes even though Paul has indicated he won’t sign an extension with them? Rajon Rondo might be the best player the Hornets can acquire in a potential trade.

Bulls close to signing Derrick Rose to five-year, $94 million extension
For the youngest MVP award winner in NBA history, this is a no-brainer. This extension should keep Rose in a Bulls uniform through the 2016-17 season, when he’ll still be just 28 years old.

Pacers waive James Posey using amnesty rule
Shockingly, Posey’s expiring contract will pay him $6.9 million this season. His shooting has declined sharply over the past few seasons and he sported a gruesome .336 field goal percentage (primarily because 88 percent of his shot attempts were three-pointers) in 836 minutes last season. Posey might get veteran’s minimum interest from a team like Heat, but I wouldn’t be shocked if this was the end of the road for him.

Raptors sign Anthony Carter
Bryan Colangelo’s strategy appears to be to fill his roster with cagey veterans who can mentor his young prospects without derailing the team’s obvious tank job.

After the jump, all the moves you might have missed from this morning and the weekend…

Grizzlies will match four-year, $55 million offer sheet Marc Gasol signed with the Rockets
As I expected, Marc Gasol isn’t going anywhere. He was a key reason the Grizzlies shocked the world by beating the Spurs in six games and taking the Thunder to seven games in the 2011 playoffs, as he averaged 15 points, 11 rebounds, two assists and two blocks in the post-season. While he likely won’t post numbers like those consistently, this isn’t a Jerome James type of situation. He’s a legitimate top 10 center and he’s only 26 years old, so this is a reasonable contract.

Chris Paul is probably going to play for the Clippers this season
The Hornets and Clippers are reportedly close to finalizing a deal that would send Paul to the Clippers in exchange for Chris Kaman, Eric Bledsoe, Al-Farouq Aminu and a first round pick. That’s it? Really? If I’m Dell Demps, I don’t do this deal unless Eric Gordon is involved. Regardless, thinking about Chris Paul throwing alley-oops to Blake Griffin makes me tingle in a special way. Meanwhile, how angry are Lakers fans right now? Speaking of which…

Lakers trade Lamar Odom to the Mavericks for an $8.9 million trade exception, a 2012 second-round draft pick and a protected first-round pick
This has to be the most shocking move so far this off-season that doesn’t involve commissioner interference. Presumably, the trade exception will be packaged with Andrew Bynum in a trade offer to the Magic for Dwight Howard. If that doesn’t work out, this is an unmitigated disaster for the Lakers. Unsurprisingly, Kobe is pissed.

David West signs two-year, $20 million deal with Pacers
Larry Bird is sneakily putting together a pretty good team in Indiana — you could do a lot worse than a Hibbert-West frontcourt. Pacers point guard Darren Collison knows where West likes to get the ball from their time together in New Orleans, so West has a built-in comfort level. The length of the deal is a little puzzling, but I’m guessing the Pacers weren’t willing to offer more years because West is coming off of knee surgery.

DeAndre Jordan signs a four-year, $42.7 million offer sheet with the Warriors
Jordan’s a restricted free agent, so the Clippers can match this offer if they want — and if Chris Kaman is on his way out in the Chris Paul trade, we can safely assume Jordan will be back in L.A. this season. If the Clippers acquire Paul, re-sign Jordan and manage to keep Eric Gordon from being included in the trade, wouldn’t they become a top four team in the West?

J.J. Barea signs four-year, $19 million deal with the Timberwolves
Too rich for Mark Cuban’s blood, apparently. Everyone enjoys the J.J. Barea experience, but he’s a sixth man and a streaky scorer who can’t defend opposing guards particularly well at his size. If Roddy Beaubois can remain healthy, he should fill that role for the Mavs just fine.

Daequan Cook re-signs with Thunder for two years, $6.5 million
Cook is a straight-up, long-range gunner and he made 42 percent of those shots last season to earn this nice little deal from OKC. Kevin Durant likes this move: “To have him back on our team is big.”

Knicks sign Mike Bibby, re-sign Jared Jeffries
Bibby was awful with the Heat last season, but he attributes that to a lack of practice instead of the likelihood that he’s dunzo. As for Jeffries, he’s not particularly popular in New York after he turned the ball over on the final play of Game Two against the Celtics, but he’s a versatile defender and he’s cheap — both signings are expected to be at the veteran’s minimum.

Raptors sign Aaron Gray and Rasual Butler to one-year deals
After signing Gray and Jamaal Magloire to provide minutes at center for the Raptors this season, I can only assume Frankenstein’s monster was asking for more than the veteran’s minimum. Butler should address the Raptors’ lack of outside shooting, since he’s a career 36 percent marksman from beyond the arc and the Raptors finished dead last in three-point accuracy last season.

Hawks sign Tracy McGrady to veteran’s minimum deal
Among the various smaller-scale signings that took place over the last few days, this is the one that really stands out to me, for obvious reasons. As skeptical as we should all be about his claims that he has his old athleticism back, he’s still one of the smartest players in the game and I like his chances of finally playing a second-round playoff series in 2012.