Well, I'm going big, too. 4 teams, 12 players, almost $100M in salary.
Denver trades Carmelo Anthony, Chauncey Billups, and Kenyon Martin
Denver receives Mike Bibby, Eddy Curry, Joe Johnson, Danilo Gallinari, Marvin Williams, Utah's 2011 #1, Golden State's 2012 #2 (via Knicks)
Atlanta trades Mike Bibby, Joe Johnson, and Marvin Williams
Atlanta receives Chauncey Billups, Wilson Chandler, and Kenyon Martin
New York trades Wilson Chandler, Eddy Curry, Danilo Gallinari, Anthony Randolph, Bill Walker, and Golden State's 2012 #2
New York receives Carmelo Anthony and C.J. Miles
Utah trades C.J. Miles and 2011 #1
Utah receives Anthony Randolph and Bill Walker
Denver trades their superstar for an all-star and saves $8M this year, Atlanta upgrades PG and loses two bad contracts, New York gets their man, Utah saves some dough and facilitates Carmelo's departure from their division.