NOW IT'S BUSINESS AS USUAL; NBA READY FOR TRADE TALK.

Byline: Howard Beck Staff Writer

Welcome to the NBA's Day of Reckoning.

A day when lies will be exposed, facts will see the light of day and a hundred juicy rumors will be stripped from the radio talk-show circuit, tossed onto the compost heap and left to fertilize the next harvest of idle gossip.

Idle is the key word here. For the last month, NBA general managers have had their signing fingers shackled. They were free to chat, offer, counter-offer and arm-twist with other GMs and players' agents. But signed agreements were verboten.

So Penny Hardaway supposedly became a Laker, a Raptor and Sun for various stretches of July. Glen Rice moved to Miami and Portland and Houston. Charles Barkley outwardly fantasized about L.A., Salt Lake City and Seattle.

Blather. Most of it, anyway. But that's what happens in the absence of official business.

That changed just after midnight Saturday, when signing season officially began. The transaction wire should be humming from here on out.

``It's been slow - that's been the frustrating part,'' said Billy Diamond, who has been fielding inquiries for free-agent forward Charles Oakley from 10 teams, the Lakers included.

Slow, frustrating and unusual were the last 31 days, a month generally reserved for signings. But the lockout that ended in January threw off the league's finely tuned machinations, causing the league to place a one-month moratorium on business.

The extra time was needed to let the lawyers complete paperwork and allow accountants to determine the salary cap figure for next season, expected to be about $34 million per team.

Now those millions will start to flow to the 165 free agents seeking employment.

A few deals have already been consummated, and much of the intrigue will die as most marquee players opt to stay put.

Karl Malone is expected to re-sign with the Utah Jazz for four years and $67 million, and John Stockton, Jeff Hornacek and probably Shandon Anderson will follow. Barkley, eligible for $14 million with Houston and much less anywhere else, is a near lock to re-sign with the Rockets. Eric Snow and George Lynch will stay in Philadelphia. Rick Fox will sign for five or six years to finish his career with the Lakers.

But as for the really free-agent big fish - Hardaway (Orlando), Mitch Richmond (Washington), Vin Baker (Seattle) and Oakley (Toronto) - the game is just beginning. Any or all could re-sign with their current teams, where they can earn bigger paychecks, or agree to sign-and-trade deals.

But once again, 98 percent of the rumored trades will turn out false. Only one is reported to be final - Atlanta's swapping of Steve Smith and Ed Gray to Portland for Isaiah Rider and Jim Jackson.

The truth is out there, and it's almost here.

``I expect a lot of teams to announce trades and signings the first week in August,'' said Diamond. ``Then I think there's going to be a lull, then a second wave in mid-to-late August.''

Oakley probably won't be in that first wave, though sources say he will be coming to L.A. soon to meet with Lakers brass.

Lakers general manager Mitch Kupchak expects a flurry of activity today, but no announcements from his office.

``I think there will be more transactions than you normally have on July 1, because people have had an extra month to think about it,'' he said. ``I don't think you'll see a lot of people dragging things out until the end of August or September.''

Among the deals that probably won't be made are the many speculated trades involving the Lakers and Rice. The ace shooter, acquired last season from Charlotte, was unhappy with his role on the court and angered off the court by the Lakers' decision to exercise his $7.1 million option rather than give him a new deal starting at $12 million or more.

But the Lakers haven't been overwhelmed by potential deals involving the troubled Hardaway or the expensive, creaky Scottie Pippen. So they have met at length with Rice and tried to smooth over his feelings in the hopes that he can be a productive co-star with Shaquille O'Neal and Kobe Bryant in coach Phil Jackson's offense.

After overspending to get Rice - trading Eddie Jones and Elden Campbell - the Lakers are loath to give up on him so quickly.

``I think it's unlikely that we'll make a major trade,'' Kupchak said, ``just because we like our team and in general it's tough to make a trade (because of salary-cap constraints).''

Of Rice, Kupchak said: ``We fully expect him to be back with us next year. My best guess is he'd be very happy and motivated.''

The same can't necessarily be said for other disgruntled multimillionaires, and that has led to the speculation surrounding players such as Hardaway, Baker and Boston's Antoine Walker. Reports say they're all strong candidates to change addresses within the next few weeks.

But then again, maybe they won't.

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Photo

Photo: Forward Glen Rice (41) is rumored to be on the trading block, but the Lakers say they expect him to return next season.

Tom Mendoza/Staff Photographer