This would make sense if the Kings were tanking maybe.
Not really convinced they are though - they did sign Rondo, after all.
But sure, if they decide to tank then getting 4 picks (one of them - NO - being potentially top 5), plus a $15M expiring contract, is a pretty good return. Rondo expires after the season so they could let him walk and have $25m in cap space freed up.
Then they have Cauley-Stein, Collison, McLemore and Tyrke (from the trade) as a decent core. To that they can add 3 or 4 quality prospects, sign one or two solid young free agents (e.g. Fournier, Sully) and put themselves in a very strong posiiton moving forward.
Plus, I believe they have the rights to swap picks with Philly in the near future, which only adds to their upside. Between that Philly pick and the Pelicans pick, they could be very nicely set up.
Pretty good deal really, assuming the Kings are willing to go through a rebuild. Now (with the rising cap and the opportunity to add free agents cheaply) is probably the best time to attempt a fastrack rebuild.