i think the trade will either go through with some tweaks to it, or it won't and chris paul will sit out a portion of the season until the league agrees to allow him to be dealt to some other team -- probably a relatively small market team. i couldn't tell you which one.
i'd say there's still a solid chance chris paul ends up a laker, but im not so sure it'll necessarily work out for them as well as they thought it would. at the very least i think the league will ensure that paul + howard in LA never happens. that was a big part of this, i think -- the trade itself didn't seem that bad; it was the fact that LA was set up to still have an opportunity to trade for Howard afterward.
the lakers positioning themselves to have a new dynasty stretching into the next decade was too much just after a lockout based partly on "competitive balance" and the dissatisfaction of small market teams was finally resolved.