Here's the most relevant part:
I get why they did it -- Washington didn't want to pay for McGee and had no interest at all in keeping Nick Young. That said, I can't help thinking this is the classic Ernie Grunfeld maneuver, making a deal as if his team is one player away from contending for the title regardless of where they actually stand. While this might not be quite as bad as going "all in" for Randy Foye and Mike Miller two years ago, the Wizards gained five years and considerable dollars at the center position, and it's not clear if they gained at all in the talent department.
Washington is still far enough below the cap that the dollars may not matter much, particularly if they amnesty Rashard Lewis this summer. Nonetheless, I think they overreacted to McGee's agent's contract demands heading into this summer -- again, NBA teams have been amazingly slow to realize how much leverage they have in restricted free agency. They do at least get a high second-round pick belonging to the Hornets in return for Young, who was gone after the season otherwise.