During his tenure as Phoenix's general manager, Colangelo made a number of transactions that have received wide praise across the NBA, including the drafting of would-be superstars Shawn Marion and Amar'e Stoudemire. Colangelo traded Jason Kidd to the New Jersey Nets for Stephon Marbury, and then traded Marbury and oft-injured Penny Hardaway to the New York Knicks for several contracts. The additional salary cap space created by this trade allowed Colangelo to sign Steve Nash back from the Dallas Mavericks in the summer of 2004. Nash would go on to be the 2004–05 and 2005–06 NBA Most Valuable Player, and the Suns would go 62–20 and claim the top playoff seed in the Western Conference in the 2004–05 season. As a result, Colangelo was awarded the 2005 NBA Executive of the Year Award.
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