The 2025 trade deadline has been so action-packed that it has kept on giving even after a couple of days.

Unfortunately, the Charlotte Hornets are probably not excited about the recent developments, as their trade with the Los Angeles Lakers has been rescinded due to Mark Williams failing his physical.

As such, Williams will be returning to Charlotte, while the squad would have to give the Lakers back the assets it would have found good use for, namely Dalton Knecht and a 2031 unprotected first-round pick.

It has become a case of he said, she said, with the Hornets even sort of flaming Los Angeles by referring to it as “the other team” in their statement.

They also asserted that the Purple and Gold “aggressively pursued” Williams.

On the other hand, Rob Pelinka will have to answer for disclosing on Friday that Los Angeles has “vetted” Williams’ injuries and was “not concerned” about the big man’s health.

What’s curious is that the Lakers apparently unearthed a major concern with Williams’ foot, which was a bit surprising.

While his already extensive injury history has shown him dealing with several foot ailments in the past three years, his back was supposed to be the most worrisome.

Nixing the trade has resulted in several winners and losers.

Winner: Nick Smith Jr.

The arrival of Knecht would have given Charlotte a potential lights-out shooter.

However, there were questions about what it would have meant for Nick Smith Jr., who has been on a tear recently, putting up 21.3 points and 3.8 3-pointers per game on 58.9 percent shooting from the field in his previous four appearances.

Smith Jr.’s role would have been in serious jeopardy next season, especially with Brandon Miller and (presumably) Tre Mann coming back from their injuries.

With Knecht disconnected from the Hornets, the second-year pro has one less competitor for playing time to worry about.

Loser: Mark Williams

Williams might be confused as to what’s happening in his career. He looked excited to be moving to Los Angeles, posting purple and gold hearts on X (formerly Twitter) right after the agreed-upon deal was announced.

The good news for Williams is that he will return to his familiar role with Charlotte, although it might be awkward for him to go back to the organization that shipped him away.

The recent turn of events may have also tanked the 23-year-old’s value, especially since the speculation on whether he can ever be completely healthy has escalated even further.

Winner: Dalton Knecht

Like Williams, Knecht might have to deal with uneasiness as he enters the Lakers’ locker room again. However, the open shots he will be getting playing alongside both LeBron James and Luka Doncic will probably make up for it.

In addition, despite being a rookie, the marksman will turn 24 in April. So, he would likely want to be part of a contender rather than a rebuilding franchise.

Loser: Moussa Diabate

It didn’t take long for Moussa Diabate to prove that the Hornets’ center position would have been in good hands.

In Charlotte’s first game after the deadline, the French youngster registered nine points, 15 rebounds, and six assists and won his matchup against superstar-in-the-making and compatriot Victor Wembanyama.

He was likely on the way to seeing his two-way contract being converted into a standard deal.

But with Williams returning and Jusuf Nurkic on his way to the Hornets (unless their trade with the Phoenix Suns also gets repealed), Diabate might find it tough to receive the minutes he deserves.

Winner: Other West contenders

The Lakers saw their odds of winning the title spike significantly after their trade-deadline moves.

But with no way to make some deals now after overturning its transaction with the Hornets, Los Angeles has few answers for its lack of big man depth.

Perhaps it has already set its sights on a buyout candidate; that’s why it decided it was fine with letting go of the opportunity to add Williams.

Still, it’s hard to imagine that there is a better alternative that would give the Lakers increased chances of overtaking the competition in the West.

Loser: Hornets’ future

Maybe the primary reason Charlotte seemed irritated with the Lakers’ decision was that it had to relinquish the 2031 first-rounder and a 2030 pick swap that would have been useful for the organization in the coming years as it continues its rebuild.

That means one less asset in its treasure chest of draft capital.

Moreover, Hornets lead executive Jeff Peterson’s reputation appears to have dipped.

It will be hard for him to recover if it is proven that he tried to pull a fast one of Los Angeles, as some people have been theorizing that he knew about Williams’ condition and took advantage of the Lakers’ desperation to add a center.