It's easy to forget the Hawks won just 37 regular season games last season since what everyone remembers is Atlanta pushing the Boston Celtics to the brink in the first round.  The cold hard truth is, though, that Atlanta really isn't anywhere close to contending.  As such, giving Smith big-time money is a risky proposition.  Moreover, with Mike Bibby scheduled to come off the books next summer, the Hawks could look to re-tool in the summer of 2009 or 2010.

At this stage, it looks like the Hawks best bet might be to sign and trade Josh Smith.  Sekou Smith of the Atlanta Journal-Constitution indicated that a "Western Conference power" and an "Eastern Conference big dog" have already submitted offers to the Hawks, and that the team is currently in the process of weighing those offers.  

Of course, any kind of sign and trade deal is harder than it appears at face value.  If Smith signs a contract in excess of $10 million as it's expected he will, he will immediately become a Base Year Compensation (BYC) player due to the 20% increase in his salary.  This means the Hawks could only take back 50% of Smith's BYC contract, which definitely complicates potential trade scenarios.  It's possible that a third team might have to get involved in a number trade scenarios.  Still, even while complicated to consummate, there's a heck of a lot of smoke coming from the sign and trade Josh Smith fire.

This can't help but make one wonder who exactly the teams are that Sekou Smith was referring to.  Could the LA Lakers be the "Western Conference powerhouse" poised to make a play for Smith? 

Well, the Lakers could offer Lamar Odom to the Hawks and take back Smith and point guard Speedy Claxton, provided the deal Smith signs with Atlanta before being traded is enough to match salaries given his BYC status.  The move would give the Lakers the defensive presence it lacked in the Finals against the Boston Celtics, and it would also provide the Hawks with a good player and an expiring contract in Odom valued at over $14 million.

The Denver Nuggets could be a suitor, too, as a result of the $10 million trade exception the team received in the Marcus Camby deal according to league sources.  In addition to the trade exception, the Nuggets have some future first round picks to play with as well as young talent like J.R. Smith and Linas Kleiza.  The Nuggets are the only team that can offer the Hawks straight cap relief.  The question is whether or not the Nuggets would be willing to shell out somewhere in the neighborhood of $10-12 million for Smith, which would once again put the Nuggets deep into luxury tax territory. 

Another possible suitor could be the Dallas Mavericks.  Josh Howard is rumored to be on the market and a move to Atlanta would give him a fresh start playing alongside Bibby and Joe Johnson.

Phoenix is also a team to keep an eye on due to the fact both Leandro Barbosa and Boris Diaw have been on the market all summer.

In the Eastern Conference, word is the Detroit Pistons are making a push for Smith in a deal which would likely feature Tayshaun Prince being shipped out.  Such an idea is intriguing for Atlanta, but one has to figure Hawks GM Rick Sund would be at least somewhat leery of shipping Smith to a team already at the top of the Eastern Conference.

There's always a chance Atlanta could change its stance and give Smith what he wants.  The other option would involve Smith playing for the qualifying offer next season and then becoming an unrestricted free agent in the summer of 2009.  However, this would likely mean the Hawks would lose him for nothing next summer, which has to be a prospect Atlanta isn't very fond of.

All that said, the smart money points towards a sign and trade.  And with offers reportedly already on the table, expect this situation to really heat up in the coming days.

HOOPSWORLD'S Eric Pincus contributed to this report.