While we've long expected Terry to be traded without ever donning a Kings uniform, Kings fans were surely hoping that the Kings might use his $5 million expiring contract as part of a more exciting deal. The Kings are unlikely to retain anyone received back in this deal, and it's disheartening to lose a second round draft pick in the process.
The cleared cap space may allow the Kings to spend elsewhere, but the plan remains unclear. The Kings continue to publicly state their intention to improve the team, so this isn't the cost-cutting moves of the old regime, but the move appears questionable until we see what it might lead to.
Update: It just keeps getting better!
The Kings are giving up not one, but two second-round picks. This is especially baffling after the way the Kings publicly struck out trying to acquire a second round pick before this summer's draft.