According to Chad Ford at ESPN.com,
The Hornets offered the Rockets the 10th overall pick for their two first round picks, 14th & 16th.
The Rockets have been in many rumors lately involving them trading at least one of their first round picks to move up in the draft. Apparently #10 is just not good enough for them to give up the 14th and 16th.
This would have been a huge steal for the Hornets, after Damian Lillard no other player really makes sense for them at the #10 spot. They can get a lot of great players but the same caliber players will be available late in the first round. With the 14th & 16th picks the Hornets would have been able to get a good center and small forward rather then only getting one of those two at #10. If Damian Lillard isn’t on the board at 10 I would even consider trading the pick to the Celtics for the 21st & 22nd overall picks. A lot of mock drafts have players like Kendall Marshall, Royce white, Terrance Jones, and even Jared Sullinger dropping that low.
Chad Ford has the Hornets picking Austin Rivers at #10. Rivers could be a great player, but I don’t see him being able to play point guard right away. With Eric Gordon coming back Rivers is not needed, so I expect the Hornets to explore trading the pick unless they can get their hands on Lillard, Tyler Zeller, or Meyers Leonard.