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For the first time in NBA history, it looks like the league will own an individual franchise – the New Orleans Hornets.

After a long period of uncertainty concerning the Hornets’ future ownership, sources say the NBA has agreed to temporarily take operational control of the team. Current owner George Shinn has been looking to sell, but recently plans to turn the team over to minority partner Gary Chouest fell apart, leaving no second option. That’s when the NBA stepped in. An official announcement about the takeover is expected to be made later this week.

This happened in Major League Baseball back in 2002 with a team called the Montreal Expos. Remember them? That’s right, the same team that the MLB moved to Washington and renamed the Nationals. Now the question is, is that what David Stern and the NBA have planned for the Hornets?

If you remember, at the time the MLB acquired the Expos, they were talking about contraction. Instead, they chose to move the team to a bigger market. Stern has brought up the possibility of cutting a team or two to fix the NBA’s financial situation. But now he has the option of moving one of the smaller market teams into the city of his choice.

The franchise already jumped from Charlotte to New Orleans in 2002, and I’m sure they wouldn’t like moving once again. But if they want to avoid it, something needs to change. After a surprising 8-0 start to the season, the team’s success has dropped off, losing 7 of the next 12. But even the excitement of a good team couldn’t draw enough fans. Their first 9 home games only averaged 13,826 attendees. In its contract with Louisiana, the franchise has the option to opt out if attendance doesn’t average 14,213 during the 13 home games between December 1 and January 17. The team just needs to notify the state before March 1, 2011, and they are free to move about the country.

This move might be too cruel to the city of New Orleans. But for the league, this might be a good idea. The NBA could easily find a bigger market that would create more revenues. Kansas City and Las Vegas have been long-time prospects as NBA cities. San Diego, Anaheim, and Seattle are possibilities as well.

The other big question that arises if Stern decides to relocate the Hornets is this: what happens to Chris Paul? One of the league’s top point guards, Paul is already open to finding a new team when he becomes a free agent next summer. The team’s hot start had fans hoping he would stick around, but would he be okay with playing in a new NBA city?

Even more intriguing: what would the league do to make him stay in the event of a move? Nothing could be better than starting in a new place with one of the NBA’s top players on the roster. Two interesting scenarios that could change the NBA landscape dramatically:

1. Convince Chris Paul to stay by signing Carmelo Anthony.
2. Hold on to your seats: pull a sign-and-trade with Miami, Chris Paul for Dwayne Wade straight across.

Both scenarios pretty much guarantee a playoff spot for the Hornets, which means more excitement (and money) in the new city.

It could work, couldn’t it?