No, it isn't. It has only just begun. It isn't over until Comcast Arena is standing in the downtown area.
“I don’t know that Kevin Johnson’s meeting in New York swayed the NBA one way or another, but I think that the NBA next week is going to go into Sacramento to verify a lot of the promises Kevin Johnson made to the board,” Maloof said. “There were various sponsorship promises and a promise to show the board, once and for all, how a new arena not only will be planned, but financed.”
Yahoo! Sports Article
We still need the arena. No arena, no Kings. All this did was get us back into Stern's good graces and buy us some time.
Edited to include article from yahoo, because I like yahoo better than any other sports outlet, and this one has good info on next steps.