The Bucks will get Jackson and Charlotte's Shaun Livingston, Sacramento's Beno Udrih and the rights to 19th pick Tobias Harris from the Bobcats, while Charlotte obtains the rights to the seventh pick, Bismack Biyombo, and forward Corey Maggette from Milwaukee.
The Kings will get guard John Salmons from Milwaukee and the rights to BYU guard Jimmer Fredette, who was selected 10th by the Bucks. Charlotte held onto the No. 9 pick, which it used to select UConn guard Kemba Walker, and with the trades of Gerald Wallace to Portland last season and now Jackson to the Bucks, the Bobcats have resigned themselves to rebuilding through the draft.
A source told ESPN The Magazine's Ric Bucher that Jackson is not happy about being dealt to Milwaukee and it remains to be seen how cooperative he'll be if and when he joins the team. Jackson will be playing for his seventh team in 11 NBA seasons and has career averages of 16.3 points, 4.5 rebounds and 3.6 assists per game. He averaged 18.5 points per game last season, but the Bobcats failed to make the playoffs at 34-48.
By agreeing to the deal, Milwaukee, Charlotte and Sacramento basically shuffled some big guaranteed contracts. Jackson has two years and more than $19 million left on his deal; Maggette is owed more than $21 million for the next two seasons; and Salmons has three years and $24 million left on his deal that also includes a team option for $7 million in 2014-15. The Kings do shed Udrih's contract, however, which is for more than $7 million next year with a player option the following season at almost $8 million.
Maggette heads to his fifth team in 12 seasons. He has averaged 16.2 points and 5.0 rebounds for his career but slipped to 12.0 and 3.6 in his first season in Milwaukee.
Salmons also will be playing for his fifth team. He got off to a great start in Milwaukee in 2009-10, playing 30 games after a trade from Chicago and averaging 19.9 points per game. But he slipped closer to his career average of 10.1 with a 14-points-per-game average last season.
Udrih spent his first three seasons in San Antonio and the last four in Sacramento. He started a career-high 64 games last season and set career highs with 13.7 points and 4.9 assists per game.
Livingston suffered a horrific knee injury while with the Clippers in 2006-07. He missed the next season and then played in only 48 games over the next two with the Heat, Thunder and Wizards. He bounced back last season to play in 73 games off the bench for the Bobcats and averaged 6.6 points per game.
Chad Ford is the NBA Insider for ESPN.com. Senior writer Andy Katz covers men's college basketball for ESPN.com.