The Grizzlies acquired forward Jeff Green from Boston and guard Russ Smith from New Orleans. In addition, Memphis will receive a traded player exception.
Boston picked up forward Tayshaun Prince and a future first-round pick from Memphis, and also received guard Austin Rivers from New Orleans.
The Pelicans acquired forward Quincy Pondexter and a future second-round draft pick from the Grizzlies.
Green averaged a career-high 17.6 points to go with 4.3 rebounds and 1.6 assists in 33 starts with Boston this season.
The 28-year-old Georgetown product has averaged 14.4 points, 5.1 rebounds and 1.6 assists in 511 games (395 starts) with Seattle/Oklahoma City and Boston. He was chosen by the Celtics with the fifth overall pick of the 2007 NBA Draft and traded to the SuperSonics on draft night.
Smith played in just six games for New Orleans this season. Selected by the Philadelphia 76ers in the second round of the 2014 NBA Draft, Smith was traded to New Orleans on draft night for Pierre Jackson.
Prince averaged 7.3 points, 3.2 rebounds and 1.4 assists in 26 games with Memphis this season. The 34-year-old veteran holds career averages of 11.9 points, 4.5 rebounds and 2.5 assists over 908 games (851 starts) for the Pistons and Grizzlies.
Rivers appeared in 35 games for the Pelicans this season, averaging 6.8 points, 1.9 rebounds and 2.5 assists. He was selected as the 10th overall pick of the 2012 NBA Draft by New Orleans.
Pondexter averaged 4.5 points and 1.9 rebounds in 30 games with Memphis this season. This will be Pondexter's second stint with New Orleans, as he spent his rookie campaign with the franchise during the 2010-11 season, appearing in 66 games and averaging 2.8 points and 1.3 rebounds.