Here are the odds for the 3 point contest, courtesy Bodog.com:
Ray Allen (BOS) 2/1
Paul Pierce (BOS) 3/1
Kevin Durant (OKC) 4/1
Dorell Wright (GSW) 9/2
Daniel Gibson (CLE) 5/1
James Jones (MIA) 11/2
While I'm not surprised that Ray is the favorite, prototypical jump shooters like Ray generally do not fare well in these contests. The logic being… they generally lose some lift on their shots as the competition wears on.
I bet Pierce and Ray have a friendly wager. Maybe $10,000.