After having "internal discussions" about trading for Chicago Bulls guard Derrick Rose, the New York Knicks reportedly completed the deal on Wednesday according to the Chicago Tribune's K.C. Johnson and confirmed by CBS Sports' Ken Berger.

Rose is the centerpiece of the trade but there are several other players involved. According to Berger, the Bulls are sending Rose, reserve guard Justin Holiday and a 2017 second round pick to the Knicks for Robin Lopez, Jerian Grant and Jose Calderon. Here's a look at what this means for each team and our grade for the trade.

New York Knicks

Well, that's one way to make a splash. Adding Rose gives New York a former MVP on an expiring contract, which allows for flexibility. If he doesn't show the potential to regain his former glory, New York can move on. If he does, they can afford to pay him the huge payday he's going to be motivated to earn this season. The real advantage is that they only had to give up random parts in Lopez and Grant, which they could easily replace in free agency, and they also got back a pick.

This is a huge risk for the Knicks, but given their situation, one work taking.

Rose is not the player he once was, and he's a really odd fit in the Triangle given his struggles with the 3-point shot (he barely eclipsed 29 percent from the arc last year) and the way he needs the ball. But with everything he's been through on the injury front, it's easy to forget he's still just 27 years old.

At worst, Rose gives Carmelo Anthony another scoring weapon (Rose averaged just over 16 point per game last year), which will help Anthony. In some strange universe, Rose, Melo and Kristaps Porzingis give New York some semblance of an actual Big Three.

Furthermore, this move could really open some interesting doors in free agency. Expect the Knicks to pursue Joakim Noah aggressively, given his relationship with both Rose and Anthony, and for New York to also pitch Pau Gasol to rejoin Phil Jackson alone with his former teammate. There's also widespread speculation that they'll pursue Dwight Howard.

The Knicks could be building the most star-studded, high-priced combination you could imagine ... if it were 2010.

Either way, this is a big move for the Knicks. With no draft pick and limited free agent draw, it was the kind of jump they needed to make, and they gave up nothing of long-term impact to do so. But until Rose proves that he can be the guy he once was, this will still be a trade fraught with risk.

GRADE: B

Chicago Bulls

This trade ends one of the most exciting, and ultimately disappointing eras in franchise history. Rose took Chicago from an also-ran to a championship contender alongside Tom Thibodeau for about 18 months. Then, his unfortunate, traumatic knee injuries altered his career, maybe forever, eventually paving the way for this trade.

The Bulls didn't just trade Derrick Rose. They moved on from the Derrick Rose era, which is much more painful for the team and its fans. But ultimately, given his diminished ability, high cost and rumored discontent with Jimmy Butler, it's hard to argue it wasn't time.

Butler may be the bigger story here, as this means the Bulls will almost definitely not trade their All-Star. Teams have been rebuffed in their trade advances in recent weeks for Butler, and this move means that he's likely staying in Chicago, ending the speculation despite concerns over his attitude and maturity as a team leader.

In return for Rose, the Bulls solve their center issue with Joakim Noah's very-obvious intent to depart by adding Robin Lopez, a big man with a soft touch and really solid defensive instincts. He should fit well into what Fred Hoiberg wants to do. They also add Jerian Grant, a point guard who should really excel in Hoiberg's fast-paced system. Grant was a terrible fit for the Triangle but is a great fit for Hoiberg, and could really surprise, even with reports surfacing that the Bulls will look to add a point guard in Thursday's draft.

Jose Calderon provides expiring money, and he's a veteran who can shoot and is a consummate pro. He can start if need be should the Bulls go young with their point guard options.

In the end, this trade was more about a fresh start than what Chicago got back, and it was never the ending anyone with the team wanted for Rose.

GRADE: B