NBA cap and trade

I have never understood anything about how the NBA financial infrastructure is supposed to work.  Protected picks, super-max contracts, non-qualifying veteran free agents, bi-annual cap exceptions, etc. etc. You need some kind of advanced degree.  (Yes, I hear you saying "NBA MBA" and you can shut up now.) 

Also it is possible to make trades that aren't really trades yet which leads teams to make draft picks that aren't really their draft picks.They belong to other teams, who may or may not have also already traded them.

Technically speaking, the Lakers will still be making that draft pick. Whomever is selected will still put on a Lakers hat when they go shake the commissioner’s hand on stage, and then they’ll meet with a slew of reporters and be asked multiple times in different ways about their thoughts on being drafted by a team they aren’t going to be playing for.

Even though everyone will be talking like that No. 4 pick is owned by New Orleans, or whichever team they may trade it to before Thursday, it still belongs to Los Angeles for now. Should New Orleans elect to keep the pick, rather than trading it, they will no doubt instruct the Lakers who to pick for them from any observations the front office is able to make from any last-minute pre-draft workouts they manage to organize.

Very important to put the correct hat on no matter what happens.