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On Wednesday, a pair of signings that essentially amount to a trade between the Lakers and Rockets became official.

The champion Lakers agreed to terms with Ron Artest on a five-year deal worth $33.95 million, while Houston reached an agreement with Trevor Ariza on a five-year contract that is believed to be worth $33 million.

Signing Artest gives the Lakers another veteran presence, and further enhances their chances of winning back-to-back titles less than a year from now. Adding Artest for $6 million a year is a bargain, especially if he continues to show improved maturity both on and off the court.

Agreeing to terms with the Lakers so soon after free agency opened last week might show how vastly the forward has grown up in recent years. He could have lingered on the market in search of a longer, more lucrative deal, but instead he jumped at the chance to play with Kobe Bryant for a championship ring.

Artest will turn 30 on Nov. 13, and will take over Ariza?s minutes and then some.

The Lakers were a middle-of-the-pack team defensively last season, but their high-powered scoring attack (third in the league) allowed them to win more games than any team other than the Cavaliers. Ariza is a good defender, but Artest will immediately improve both their team defense and their ability to lock down the opponent?s leading scorer.

They are still lacking at the point guard spot, but with Bryant and Artest patrolling the perimeter, they?ll never be overmatched on either side of the ball.

Artest?s jaw-dropping defensive plays haven?t been as prevalent as of late, but his overall defense is just as sparkling. It could be that he?s learned his gambles often led to easy buckets, or that the Rockets got him to buy into their team defense.

Assuming the Lakers make a third straight trip to the NBA Finals next June, the combination of Artest and Bryant will have no problem neutralizing any of the Eastern Conference?s top wingmen. Whether it?s LeBron James, Paul Pierce or Rashard Lewis, Los Angeles will be prepared.

Critics have questioned whether Artest will have a detrimental effect on the Lakers? offense because of his propensity to dribble the shot clock away, but if any coach can get through to him it?ll be Phil Jackson. I also think he clearly knows he?s joining a team where he?ll be the third option, behind Bryant and Pau Gasol.

Another wrinkle Artest can add is his offensive range. The Lakers ranked in the bottom third of the league in three-point shooting last season (36%), but the 10-year veteran made 40% of his long-range attempts in 2008-09.

He entered the league as a hit-or-miss option from downtown, but has developed into a reliable shooter. He?ll throw up some questionable shots at times, but his range and free shooting are both better than Ariza?s.

The season is still four months away, but Artest hasn?t been this close to a championship since the Pacers lost to the Pistons in the 2004 Eastern Conference Finals.

Grade for Artest: A-

While the Lakers opted to get a tad older, their core still has a handful of years left to contend for a title. Another interesting angle is Artest?s friendship with Lamar Odom, which some believe might allow Los Angeles to sign the latter for less than his market value.

The signing of Artest doesn?t appear to have given the Lakers an advantage in re-signing Odom yet, but the final verdict hasn?t been reached. Already knee-deep in luxury tax territory, the Lakers don?t seem to mind spending as long as they keep Bryant happy and are playing deep into June every year.

Grade for Lakers: A

Ariza provides an aging Rockets team with a shot of youth and enthusiasm. He just turned 24 last week, and proved that he can be a difference-maker during the Lakers? run to the Larry O?Brien trophy. He put up better numbers in the playoffs than he did during the regular season; a spike that some gush over, while others cringe.

Has Ariza, a young veteran of five seasons, finally hit his stride or did he just play his way into a nice contract with a solid performance in the playoffs?

It?s tough to justify giving $33 million to a player that has averaged 6.9 points and 3.8 rebounds for three teams, but his postseason numbers (11.3 points, 4.2 rebounds and 1.57 steals) look much more deserving of such a contract.

He has never averaged more than 24.4 minutes per game in a season, but Houston is likely to insert him into Artest?s spot in the starting lineup. Against Orlando in the Finals, he played 37.8 minutes in five games. His production didn?t appear any worse for the wear, aside from a sizable dip in his efficiency. After hitting more than 50% of his shots through the first three rounds of the playoffs, he was just 20-for-56 (35%) in the championship round.

The Rockets won?t ask Ariza to fill Artest?s shoes on offense, but they have to be hoping that he?ll be an admirable replacement defensively. Both are 6?7?, but Artest has a good 50 pounds (it might be more) on Ariza. With that said, Ariza is longer and more athletic.

Houston finished last season with the NBA?s seventh-ranked defense in terms of scoring, and a number of factors will alter their numbers in 2009-10. In addition to swapping Artest for Ariza, the Rockets will likely be without Yao Ming for the entire season.

That leads to some of the confusion regarding the deal.

Ariza agreed to terms with the Rockets last Thursday, just a few days after news broke about Yao?s potentially career-threatening foot issue.

My initial thought was ? why spend that kind of money on Ariza with the 2009-10 season setting up to be a rough one in Houston?

With Artest leaving via free agency, the Rockets had less than $30 million in salary tied up for the 2010-11 season before inking Ariza. Presumably, Houston could have allowed Yao to heal while setting themselves up to be major players in the free agent market.

Instead, they added salary to a team that without Yao can?t contend for a championship.

Grade for Rockets: B-

Update: Rockets Receive Disabled Player Exception For Yao

I should have known that the Rockets would have covered their tracks in terms of both the Yao injury and spending money on Ariza.

As far as Ariza is concerned, I?m not surprised there were rumors the forward was looking to back out of his agreement with the Rockets. With injuries and the rumored shopping of Tracy McGrady, Ariza could have had a better chance to win a title with LeBron James in Cleveland.

The Cavaliers wouldn?t have given the young forward $33 million over the life of any deal, but he still could have signed for an increase over the $3.1 million he earned in L.A. this past season.

Grade for Ariza: B

Andrew Perna is Deputy Editor of RealGM.com and co-host of RealGM's Radio Show. Please feel free to contact him with comments or questions via e-mail: Andrew.Perna@RealGM.com