From Yahoo! Sports' Adrian Wojnarowski:
The Rockets will receive guard Toney Douglas, forward Josh Harrellson, center Jerome Jordan, second-round picks in 2014 and '15 and cash used to pay Douglas' salary from the Knicks. Camby will get a three-year, $13.2 million contract that contains a partial guarantee in the third season, sources said.While it seems like a bit of a haul to give up for a 37-year-old backup, Douglas became an end-of-the-bencher last year for the Knicks, with Harrellson and Jordan hardly playing. Camby provides the Knicks with defense and rebounding when Tyson Chandler is off the court and, unlike Jared Jeffries, can score down low.
Giving up the two draft picks might be more of a loss but the Knicks love wasting them on Europeans that never make it to the NBA anyway.