This is another situation where, if there is any truth at all, the Kings are probably getting involved as a third team. If Denver wanted to deal directly to Orlando for Francis they probably don't have anything Orlando would want. They have Darko now at the 5 so they wouldn't want Nene, and they have a million point guards so they wouldn't want Watson. Doubtful they want any other assets of Denver's. However, if the Kings were to facilitate the deal they could chip in with Bonzi's expiring deal and others. This would be the most likely way the Kings would be able to land both Watson and Nene.
Something like this:
Sacramento Trade Breakdown
Outgoing
Bonzi Wells
6-5 SG from Ball State
14.6 ppg, 7.9 rpg, 3.1 apg in 34.4 minutes
Brian Skinner
6-9 PF from Baylor
2.3 ppg, 2.7 rpg, 0.5 apg in 11.3 minutes
Incoming
Earl Watson
6-1 PG from UCLA
7.7 ppg, 1.9 rpg, 3.5 apg in 21.6 minutes
Nene Hilario
6-11 PF from Brazil (Foreign)
0.0 ppg, 0.0 rpg, 0.0 apg in 2.0 minutes
Change in team outlook: -9.2 ppg, -8.7 rpg, and -0.1 apg.
Denver Trade Breakdown
Outgoing
Earl Watson
6-1 PG from UCLA
7.7 ppg, 1.9 rpg, 3.5 apg in 21.6 minutes
Voshon Lenard
6-4 SG from Minnesota
8.3 ppg, 2.3 rpg, 1.5 apg in 19.9 minutes
Nene Hilario
6-11 PF from Brazil (Foreign)
0.0 ppg, 0.0 rpg, 0.0 apg in 2.0 minutes
Incoming
Steve Francis
6-3 PG from Maryland
16.3 ppg, 4.8 rpg, 5.7 apg in 37.9 minutes
Stacey Augmon
6-8 SG from UNLV
1.6 ppg, 1.5 rpg, 0.6 apg in 9.2 minutes
Change in team outlook: +1.9 ppg, +2.1 rpg, and +1.3 apg.
Orlando Trade Breakdown
Outgoing
Steve Francis
6-3 PG from Maryland
16.3 ppg, 4.8 rpg, 5.7 apg in 37.9 minutes
Stacey Augmon
6-8 SG from UNLV
1.6 ppg, 1.5 rpg, 0.6 apg in 9.2 minutes
Incoming
Bonzi Wells
6-5 SG from Ball State
14.6 ppg, 7.9 rpg, 3.1 apg in 34.4 minutes
Brian Skinner
6-9 PF from Baylor
2.3 ppg, 2.7 rpg, 0.5 apg in 11.3 minutes
Voshon Lenard
6-4 SG from Minnesota
8.3 ppg, 2.3 rpg, 1.5 apg in 19.9 minutes
Change in team outlook: +7.3 ppg, +6.6 rpg, and -1.2 apg.