I was having dinner last night with the boys from the excellent Patay ang Butiki blog, and we invited GMANews.TV’s intrepid sports reporter Rey Joble to join us, since he just worked next door. As soon as he walked in to the restaurant, his phone started buzzing with all kinds of calls and text messages from PBA insiders telling him the details of a big trade by Rain or Shine, Air 21, and Meralco.

Here are the details of the blockbuster deal:

Air 21 gets: Jay-R Reyes (Rain or Shine), Reed Juntilla (Meralco)

UPDATE: Fidel Mangonon III reports on Twitter that Air 21 will also be getting two first round picks from Meralco (2011 and 2013).

Meralco gets: Sol Mercado (Rain or Shine), Paolo Bugia (Rain or Shine), Erick Rodriguez (Air 21)

Rain or Shine gets: Ronjay Buenafe (Air 21), Ronnie Matias (Air 21), Beau Belga (Meralco), 2011 first round pick (Air 21), 2013 first round pick (Air 21)

At first glance, Meralco seems to have made out like bandits in this trade, getting the best player in the bunch in Sol Mercado. When he’s on, there might not be a guard who can stop him in the league, and he can win a playoff series by himself. There’s still a question of how he’ll co-exist in the same backcourt as Mac Cardona, who’s just as prolific a scorer as Mercado. It might take all of Ryan Gregorio’s genius to figure it out, but it’s a good problem to have. Moreover, they only gave up Juntilla and Belga.

From what I can gather, it looks like newly-installed coach Yeng Guiao has been given by Rain or Shine management free rein to re-engineer the roster, and I heard that he was looking to bring in guys whom he knows will play hard for him, as Buenafe, Matias, and Belga have before. The idea of Guiao having a free hand in making roster moves is a scary thought for the rest of the league – remember what he did with those Red Bull teams before they had to start selling talent? – and he’ll probably make the most of it.

Still, I’m not so sure he had to trade Mercado and Reyes so soon. Couldn’t he have at least waited until the conference started before making any judgments? How sure could he be that he couldn’t work out a productive partnership with Mercado? Why couldn’t he have lit a fire under Reyes? Buenafe had a breakout in the previous Philippine Cup under Guiao, but he’s still a definite downgrade from Mercado, as is Belga from Reyes. Besides, weren’t Buenafe, Mercado, and Matias part of Guiao’s Air 21 team that finished ninth in the league last year?

At least they have a couple of first-rounders from Air 21, and given how that franchise is run, those are sure to be high draft picks. (Wouldn’t it be funny if Yeng Guiao drafted Chris Tiu?)

But the biggest impact of this trade isn’t just about the players, but about Yeng Guiao displaying his power. It sends a message to the rest of the team that he has the power to ship anyone out – so the players better bust their ass. It’s a scary statement from a coach who’s already among the most intimidating figures in the league.

And as for Air 21? They got a young player who still has a ton of potential in Jay-R Reyes, but they gave up a shitload of assets in this deal. With Air 21’s track record, there are already murmurs that Reyes himself could be traded in another lopsided deal. Worse yet, Reyes’ entry opens the door to the possibility of the team shipping off either of their top rookie frontliners, Rabeh Al-Hussaini and Nonoy Baclao. This franchise sucks.

(UPDATE: Air 21 will also receive two first-round picks from Meralco, which they will probably sell off anyway. Meh.)