My first thought was that the NBA had "intervened" and prevented the trade for "fairness". That's no longer my impression. It seems highly inaccurate and the media is dropping the ball on this intentionally to create controversy. I'm slightly annoyed.
Reality of the situation seems to be: Demps is the GM and he found a trade he liked. It immediately leaked to the media before Demps could get approval on the trade from his ownership group. Since the NBA owns the Hornets, his "ownership group" is the NBA. His "ownership group" declined the trade ... and I assume it's because they want to sell the team ... taking on 73+ million in salary hurts the value of the franchise they are trying to sell... so they rejected it. End of story. It would be like Ainge accepting a trade of Rondo for Scola, Odom and Martin... then presenting it to Wyc Groesbeck only to find out that Groesbeck wasn't willing to take on that kind of salary. But in this instance Groesbeck = "The NBA".
So ... I assume teams can still make pitches for CP3, Demps can still accept pitches... but it will still need to be presented to his ownership group (The NBA) for approval. So... when you put this all together it starts to make sense why "the hornets" were so interested in picking up Stephen Curry or Eric Gordon... both are on their rookie contracts, are legit talents and don't cost that much money. It also makes sense why the Hornets had no interest in Rondo's long term deal + Jeff Green and were pushing for the Celtics to get a 3rd team involved. I assume any trade they eventually accept, will be taking back little salary (or dumping Okafor's contract), young talent on rookie contracts and draft picks. It makes the Hornets more attractive to sell when they don't owe a bunch of money to players who aren't going to fill seats in the first place.
The problem is... the MEDIA is screwing this up big time. And because of their mistake, it makes it look like the NBA "intervened" to the casual audience. So if tomorrow the Hornets traded CP3 to ANY team other than the Lakers, it's going to cause a major backlash... all due to the media's ball-dropping and inaccurate reporting.