Generically, players on teams are said to be a match or good match or bad match with another team. Match it up means look at all the moves being made in the East and see what that means for the Eastern Conference of the NBA; see if they are a good match. The commentator thinks that overall, the moves are not good for the Eastern Conference. There is an imbalance that is being created by this.
match it up refers to examining if the moves (it means the moves taken as a whole) work well or do not. The reporter goes on to criticize the moves.These [moves 1 are not good for the Eastern Conference as the Western Conference will get all the great players while the Eastern Conference is left with players who are not big stars.
Therefore, if you match up each player with each team, you Eastern ones are left weaker. Match it up=go through the list as a whole thing and by implication see what the result it. This is a somewhat unusual use of match here. Usually, match up would refer to individual players; here it refers to taking all of them and seeing what the impact is on the Eastern Conference: it is negative.
The word match here means: to check out the moves overall and see the result. Here is another article that discusses the imbalance that is coming from these moves.