The Exchange
Basketball-Reference's Houston, Portland and league transaction ledgers agree on the October 27, 1972 trade: the Rockets sent Greg Smith to the Trail Blazers for Stan McKenzie. Ray Patterson's Houston executive record and Harry Glickman's Portland executive record preserve the same two-player structure. No draft choice, cash payment or future consideration appears in the reviewed primary transaction logs. The source-backed record therefore remains a direct player-for-player exchange. The Smith identity is the 1947-born Western Kentucky forward, not the later NBA center with the same common name.
Portland's Immediate Return
Smith arrived after playing four games for Houston in 1972-73 and immediately became a regular member of Portland's rotation. He appeared in 72 games for the Trail Blazers that season, averaging 7.4 points, 5.2 rebounds and 1.6 assists in 21.8 minutes. Basketball-Reference credits him with 1,569 minutes, 533 points and 375 rebounds for Portland in that first season alone. Those totals already exceed the entire Houston production McKenzie would provide after the exchange, and Smith remained with the Blazers for several more seasons.
Three More Seasons in Portland
Smith played 67 games for Portland in 1973-74 and another 55 in 1974-75, then made one final appearance in 1975-76. Across his Portland tenure, he totaled 195 regular-season games. His role diminished after the first season, but he still supplied 878 minutes in 1973-74 and 519 in 1974-75. Portland finally waived him on November 7, 1975. The move produced no trade return, yet the Blazers had already received roughly three full seasons of rotational value from a player acquired straight up for McKenzie.
Houston's McKenzie Return
McKenzie had been a much larger scorer for Portland before the trade, averaging 13.5 points across his first three Trail Blazers seasons. That history gave Houston a reasonable basis for the deal, but the fit did not carry over. He played 26 games for the Rockets in 1972-73, averaging 3.3 points in 7.2 minutes. He returned for only 11 games in 1973-74, averaging 1.8 points in 10.2 minutes. Houston's total return was 37 regular-season appearances, 299 minutes and 106 points.
The Asset Chain Ends Quickly for Houston
Basketball-Reference's 1973-74 Houston transaction page records the Rockets waiving McKenzie on November 9, 1973. That ended Houston's asset chain a little more than a year after the original trade. Unlike several neighboring archive transactions in which a player was later flipped for another asset, McKenzie did not generate a documented draft pick or player return when his Rockets tenure ended. His later professional career therefore does not add downstream value to Houston's side of this exchange.
Why the Legacy Grades Were Too Harsh
The legacy Houston perspective had both teams in the D range, while the Portland perspective called the trade roughly even. The source-backed production record supports a wider gap. Portland received 195 games and multiple seasons from Smith; Houston received 37 low-minute games from McKenzie. Smith's Portland role was not star-level, and his efficiency and minutes declined after 1972-73, so the transaction does not justify an elite grade. It does, however, represent a useful straight-up roster win for the Blazers.
Final Verdict
Blazers Win, B+/D+. Portland receives a B+ because Greg Smith supplied 195 regular-season games over parts of four seasons, including a productive 72-game first year after the trade. Houston receives a D+ because McKenzie appeared in only 37 games, scored 106 points and was waived in November 1973 without a documented downstream return. Confidence is high on the trade mechanics, player identities, production totals and exit dates. The verdict reflects only verified transaction terms and realized team value.