MONDAY, 12:55pm: The deal is official, the Cavs and Blazers announce. Miller receives $428,241 from Cleveland thanks to his 15% trade kicker, though that amount will apply to Portland’s cap, lifting Miller’s total cap hit to $3,283,181, notes former Nets executive Bobby Marks (Twitter link).
SUNDAY, 8:19pm: The Cavs have agreed to trade Brendan Haywood and Mike Miller to the Blazers, reports Yahoo Sports’ Adrian Wojnarowski (on Twitter). Cleveland is set to gain two trade exceptions in the deal — one for $10.5MM and another for $2.85MM — Wojnarowski tweets.
The Cavs are also set to send the better of the 2019 second-round picks that they own from the Lakers and Timberwolves plus their 2020 second-round pick, according to ESPN.com’s Brian Windhorst (on Twitter).
Haywood’s contract is non-guaranteed for next season at $10,522,500. It will become guaranteed on August 1st and therefore the Blazers are expected to waive him, Windhorst writes in a full story. The Cavs, of course, had been shopping Haywood and his sizable contract for months to no avail.
The Cavs are still interested in making deals with Tristan Thompson, J.R. Smith and Matthew Dellavedova, but at the moment, are set to cut their luxury tax bill from a little more than $32MM to just over $4MM by shedding the salaries of Haywood and Miller, ESPN.com’s Marc Stein tweets.