I had a quick look and it seems I was wrong: OCTA isn't doing all of the work at I-405/I-605/Calif. 22, although it administered a related project to widen Calif. 22 east of the interchange (known as the Garden Grove Freeway).
OCTA does plan to widen I-405 south of the interchange by adding two lanes in each direction, substantially within the existing right of way, but it seems this project is still gathering environmental approvals. It is therefore too early to be talking about an adopted alternative, but a "funding constrained" option with general-purpose lanes and express HOT lanes is under consideration.
http://www.octa.net/405improvement.aspxAccording to this list, Caltrans has two projects at the 405/605/22 interchange, with an aggregate value of about $290 million. This is Caltrans District 12's projected letting list for 2009, which implies that the contracts will be let and administered by Caltrans.
http://www.dot.ca.gov/dist12/projects/8x11ConstProjAdvetiseTable121608.pdf12-071634--HOV connectors ($177 million)
12-071624--Widen interchange roadways ($114 million)
They are due for advertising this coming October and are the projects PBS&J has been working on. I was shown the 30% complete plans for 12-071634 a while ago and the typical sections show widening of two lanes in each direction on I-405, one lane in each direction on I-605, and no in-contract work on SR 22. In the case of both I-405 and I-605, the widening is on the outside. The flyover HOV connector being built as part of this contract is bidirectional, between I-405 and I-605, and is designed to allow SB I-605 HOV traffic to continue in the HOV lanes on I-405 southbound and nortbound I-405 HOV traffic to continue in the northbound I-605 HOV lanes.
My recollection is that OCTA has been doing two contracts on SR 22, both as design-build jobs. The first was a straightforward widening of SR 22, while the second consisted of upgrades at the 405/605/22 interchanges. I am unsure of the scope of work in the latter contract, which has been an embarrassment for OCTA--it has had cost overruns into the many millions of dollars due to poor geotechnical information. I believe, however, that it is designed to improve connectivity between 405/605 and the widened 22, possibly by building or widening HOV direct connectors.