Memphis received rights to Juan Carlos Navarro for a first-round pick (protected top 19 in 2008, top 16 in 2009, top 14 in 2010-12, top 12 in 2013, else 2014 second-round pick, $1M cash) (2010 #12-Xavier Henry). The completed outcome is close enough to support an even evaluation.
Washington traded the NBA rights to Juan Carlos Navarro to Memphis in August 2007 for a heavily protected future first-round pick. Navarro then played all 82 games for the Grizzlies in 2007-08, averaged 10.9 points and earned All-Rookie Second Team honors. He returned to FC Barcelona after that season, so Memphis received one productive NBA year rather than a multi-season core piece.
The Wizards did not receive an immediately usable pick. The first was protected top 19 in 2008, top 16 in 2009, top 14 from 2010 through 2012 and top 12 in 2013, with a second-round-and-cash fallback if it never conveyed. Those protections limited the upside in the short term, but the asset still had enough value to function as trade currency before Washington ever reached a draft night with it.
In December 2008, Washington returned the protected first to Memphis in the three-team deal that brought the Wizards Javaris Crittenton and Mike James while sending Antonio Daniels to New Orleans. That means the first-round claim never simply became Xavier Henry for Washington. The Wizards chose to cash out the asset early for an NBA guard, and Memphis regained control of its own future first before it could convey.
Memphis received the best immediate basketball season in Navarro, while Washington turned the future pick claim into a live trade asset and then an NBA player. Crittenton did not become a major long-term Wizard, and Navarro left after one season, so neither side created a lasting franchise cornerstone. The trade-day logic and the realized outcomes both support a close result rather than awarding either team an exaggerated win.
Even Trade — Memphis B+, Washington B+. Navarro gave Memphis a full 82-game rookie season, double-digit scoring and All-Rookie recognition before returning to Barcelona. Washington received a protected first-round claim and later used that asset to acquire Javaris Crittenton rather than waiting for the pick to convey. Neither branch became a long-term franchise piece, but both produced legitimate value, making equal B+ grades a fair historical result.