10:33pm: Kelenna Azubuike will also be sent to Cleveland in the deal, according to a Mavericks press release making the deal official.
8:13pm: We've finally got our first trade of draft night, as ESPN.com's Chad Ford reports that the Cavaliers have acquired the No. 17 pick from the Mavericks (Twitter link). The Mavs drafted Tyler Zeller at 17 for Cleveland, and will receive three selections in return — the Cavs' 24th, 33rd, and 34th overall picks (Twitter links via Ford).
You can follow the night's full draft results right here.