Chris Wallace trying to cement (shoes) his legacy
Apparently, being the man who traded for Vin Baker isn't enough for Chris Wallace. He is clearly trying to be the worst GM of All-Time so he's going to look to take out his most recent competition by making the same mistake Isiah Thomas made AFTER Isiah Thomas already made it. 
(I particularly like this picture of Wallace below because it looks like he's awaiting the answer to the question "Hey, what are all of those people doing in the arena?" I feel like moments after the picture was snapped, Wallace turned around to look at the picture and said, "There was a concert, right? Was it Aerosmith? You know, I used to work in the town they started in...")
The rumors of Zach Randolph to Memphis are gaining steam, this time with Darko Milicic and Marko Jaric as the key figures. Right now the thing holding the deal back is money (the Grizz want the Knicks to pay for Zach's contract). I'm assuming there also might be some hestiation because Jaric's deal is three years and would still be on the books for the Great LeBron Chase of 2010. Ideally, the Knicks would dump Zach and clear all of his cap space, not just half.
While the money might not be exactly right, this trade actually makes the Knicks better. While Darko and Marko aren't star players, they do complement two of the more talented Knicks. Jaric is exactly the type of guard you want to pair with Jamal Crawford; he can guard either position and run the point, allowing Jamal to focus on scoring. Darko would be a solid complement to Eddy Curry. He's big, can defend, and will hit the boards. Granted, neither Darko nor Eddy is known for actually giving 100% but at least this duo works in theory (which the Zack and Eddy combo didn't).
There's no reason to go back into how Zach is a bad fit for the young Grizzlies or how it doesn't really make much sense to dump Gasol for cap reasons but then deal for Zach. The bottom line is that the Grizzles have a good amount of young talent and there's no reason that they have to do the Wallace Special of taking on an abhorrent contract in the name of saving money. Yes, they might have to pull a Brandon Roy for Theo Ratliff type deal and give up some talent to clear space but that makes the most sense because they have some redundant talent. There isn't a team out there that would take Mike Conley, Darko, and Marko for a solid player on a short contract? The Blazers are rumored to want Conley. A deal involving Raef Lafrentz, Channing Frye, and Peterri Kopponen, and/or Martell Webster wouldn't work?
It also can't be stated enough that this deal is something that fans and cameramen will abhor: when the Grizz are losing they now would have to watch Zach Randolph dribble around aimlessly and toss up airballs instead of being able to glance over at/cut to Adriana Lima (aka Mrs. Marko).

There are only two groups of people that are rooting for this trade: Knicks fans and Sonics fans. Adding Z-bo is the kind of move that could get the Grizz one step closer to losing their remaining fans and setting the relocation plans in progress. I'd still have my money on the Bobcats (They won't move until Bob Johnson and Michael Jordan sell the team but I could see them losing patience very soon) but the Grizz are slowly but surely becoming an even bet.