Let me break it down to you: (and the other guy that didn't get it)
Vancouver trades Booth to Philadelphia in exchange for Danny Briere.
Vancouver buys out Briere. Philadelphia buys out Booth.
Vancouver signs Booth to a lower cap hit contract.
Philadelphia signs Briere to a lower cap hit contract.
Neither player actually moves from one team to the other, it's just a shuffle of contracts with a couple of amnesty buyouts and being re-signed by their "former" teams. It's kind of ingenious really.
I like it, except for the fact that Briere requires a buyout half the size of Booth's. Don't think PHI would go for that