Chris Paul trade is dead (updated)

The Lakers' attempts to acquire All-Star point guard Chris Paul of New Orleans in a three-team trade with the Hornets and Houston Rockets has collapsed, multiple outlets have reported tonight. ESPN.com is now reporting the Lakers will instead trade Lamar Odom to the Dallas Mavericks into the trade exception created when Tyson Chandler was traded to the New York Knicks. Not sure what the Lakers get in return. Or whether it's part of a bigger deal with another team. Buckle up, it's going to be a bumpy ride.

UPDATE: Unidentified team executive tells Yahoo Sports the Lakers will turn their attention on acquiring Dwight Howard from the Orlando Magic, which makes sense.

Unidentified source tells the Los Angeles Times that the Odom deal was a straight salary dump, which is a bit of a head-scratcher.