This deal is done according to the ESPN website.
The Portland Trail Blazers have found a trade to create some extra roster room, agreeing Saturday to deal guard Jerryd Bayless to the New Orleans Hornets for a conditional future first-round pick, according to sources close to the situation.
I would link to the article, but Linky is down at the moment. The article is on the ESPN NBA page.
Sources tell Blazersedge the trade has been approved by the league office minutes ago so it's official. The pick Portland is set to receive is top-7 protected in 2011, top-8 protected in 2012, 2013 and 2014. After that, it would turn into two second-round picks in 2015 and 2016.
From blazersedge.com