This is probably a little biased value-wise since I'm a Warriors fan. Please politely lmk how much I'm underselling Dejounte's value.
Why the Warriors do it: The Dubs' FO has never been under more pressure. Steph needs to win and he needs to win now, and apart from the miracle PG13/Giannis/LeBron trade there isn't any big star available. Besides, all of those would require the Warriors to permanently mortgage the future that they sort of resuscitated with Podz and TJD. This trade allows the Warriors to keep Kuminga, Podz, and TJD while filling their biggest holes in non-Steph creation and a true center. Dejounte is good enough of a shooter to not ruin the spacing, and can take on key defensive assignments which Klay isn't capable of anymore. He can run the offense with Klay off the bench as well. Steph can play off-ball better than anyone ever so handing the keys to the offense to Murray and Draymond playmaking-wise works great and preserves his body. Allen allows the Warriors to make opposing bigs' lives hell, similar to what the Wolves are doing on Nikola Jokic by throwing three centers at him - a Draymond/Allen frontcourt would be hell to score on. Kuminga can step up and start at small forward, while keeping Klay on the bench and resigning him in the likely 20-25 mil range keeps the team together and could lead to him reviving his career again.
Warriors New Depth Chart: PG: Stephen Curry, Brandin Podziemski SG: Dejounte Murray, Gary Payton II SF: Jonathan Kuminga, Klay Thompson PF: Draymond Green, Trayce Jackson-Davis C: Jarrett Allen, Kevon Looney
Why the Hawks do it: The Hawks are due for a very big blowup. It's unclear who they're going to trade but I believe reports have been saying they'd rather trade Dejounte than Trae Young. In this trade, Chris Paul is the main salary matcher, but he also serves a couple of valuable purposes. He can do for Jalen Johnson, Trae to an extent, AJ Griffin, and Okungwu what he did for the Warriors' youngsters and provide leadership and a development boost while he's there. Trading for CP3's expiring contract also gets the Hawks out of a hell lot of money from Dejounte's 4 year contract, potentially helping them open up some money for the Jalen Johnson extension and building around Trae. Moody is another solid young player to look at, as well as Gui Santos, and a few firsts and seconds fill the value gap. They can then trade Trae to pivot into a rebuild or get rid of Capela and Bogdanovic to retool.
Why the Cavs do it: The Cavs need to keep Donovan Mitchell to prevent them from spiraling into another rebuild and Jarrett Allen is the most likely trade candidate to make that happen. Their biggest hole is at SF. Generally, 29 year-old players coming off a career season don't just fall off a cliff and there's enough reason to bet on Wiggins returning to form- and at worst he is a valuable fill in at a much needed hole. Wiggins at 80% of what he was in 2022 is roughly equal to Allen. Accounting for the possibility that doesn't happen, the Warriors throw in a couple seconds and a first, only if the Cavs are really haggling - letting them recoup some assets in case they need more help for Donovan. (They only have 1 first they own between now and 2029!)
Cavs New Depth Chart: PG: Darius Garland, Ty Jerome, Craig Porter Jr., SG: Donovan Mitchell, Max Strus, Isaac Okoro, Sam Merrill SF: Andrew Wiggins, Caris LeVert PF: Georges Niang, Dean Wade C: Evan Mobley