5:30pm: The deal is now official, the Magic has announced. The Magic receive second rounders in 2015 and 2016, cash considerations, and Randolph, while the Bulls receive the draft rights to Rakovic.
3:38pm: The Bulls will trade Anthony Randolph and a pair of second-round picks to the Magic, who are expected to waive Randolph once they receive him, reports Sam Amick of USA Today (Twitter link). Chicago has been shopping Randolph, whom the team acquired in a draft-night trade from the Nuggets, in an effort to clear cap room. His salary, worth more than $1.825MM for the upcoming season, is fully guaranteed, so it appears it will remain on the books for the Magic, who’ll use their cap space to absorb Randolph, with the second-rounders as enticement for them to do so. It’s not immediately clear what Orlando will give up, but it’s unlikely to involve any guaranteed salary.
Chicago has to open up cap space one way or another to accommodate its agreements with Pau Gasol and Nikola Mirotic, as I explained this morning. Sending out Randolph will move the Bulls only incrementally toward that goal, one that’s unlikely to be reached unless Carlos Boozer leaves either by amnesty or salary-clearing trade. Still, it’s a maneuver that could allow the Bulls to use their Early Bird rights to re-sign Kirk Hinrich and preserve their room exception. Chicago also has an agreement in place to send Greg Smith and his guaranteed salary to the Mavs.
In 43 games with the Nuggets last season, Randolph averaged 4.8 PPG, 2.8 RPG, and 0.7 APG while playing 12.3 minutes per contest. His career averages are 7.1 PPG, 4.3 RPG, and 0.7 APG in six seasons.