The Lakers didn't trade for Dwight Howard, or send Pau Gasol packing at the trade deadline, but the club did make some fairly  significant changes Thursday.

Derek Fisher, a fan favorite at Staples Center and the Great Western Forum for several years, has been dealt to Houston, along with a first round pick for Jordan Hill.

Fisher, 37, arrived with the Lakers in the same 1996 NBA Draft class that included Kobe Bryant. The veteran point guard was averaging just 5.9 points per game. The long-time starter played an important role on the Lakers five championships over the past dozen years.

Hill, who was a lottery pick with the New York Knicks out of Arizona in 2009, is averaging just five points a game this season, but at 6 foot, 10 gives the Lakers added length.

Head coach Mike Brown has given big man Josh McRoberts less playing time in recent weeks, and the Lakers point guard position became overloaded with their earlier deal.

The Lakers sent Luke Walton, a mainstay since 2003, along with a first round pick to Cleveland for point guard Ramon Sessions.

The Lakers also give up seldom-used Jason Kapono and receive small forward Christian Eyenga in the deals with Cavaliers. The Lakers keep their draft pick this year if they miss the playoffs, according to ESPN. Cleveland will also have the right to swap the Miami Heat's 2013 first-round pick, which they own, for the Lakers' first-rounder.

Walton has dealt with injuries this season, and has been used sparingly. Sessions has been linked to the Lakers for the past few months.

Sessions is averaging 10.5 points and 5.2 assists a game.

Both deals trim the Lakers payroll, as the club pays luxury tax.