Cavs, Knicks, Thunder Complete Three-Way Deal

9:56pm: The Thunder, Cavs, and Knicks all announced the deal via press release.

Dion Waiters is a player that we’ve tracked and liked since his time at Syracuse, in the NBA, and with USA Basketball. Dion provides another proven scorer that positively impacts our roster and adds depth and flexibility,” said Presti in OKC’s release. “We have a lot of respect for his toughness and competitiveness, and believe that he is a physical playmaker who will enhance the versatility of our team. We are excited to welcome Dion to Oklahoma City and the Thunder organization.”

The Thunder’s draft pick being conveyed is protected 1-18 in 2015 and 1-15 in 2016 and 2017, respectively, according to the release from the Thunder.  Should the pick not convey during this period, Oklahoma City would send the Cavs its second round draft picks in 2018 and 2019.

The Knicks’ release also makes it official that Dalembert has been waived.

8:26pm: The Knicks will receive Thomas, Amundson, and Kirk in the deal but will only keep Thomas, according to Howard Beck of Bleacher Report (via Twitter).  The Knicks will also waive Dalembert.

The Cavs are sending their 2019 second-round pick to the Knicks, sources tell Brian Windhorst and Marc Stein of  The duo hears that team officials spoke with LeBron James about his willingness to play alongside Smith before executing the deal.

Even though the deal weakens the Knicks in the short-term, Beck (link) hears that the Knicks are not giving up on the season.  The Knicks plan on making more moves between now and the February trade deadline.

At present, it appears that the deal will have Waiters going to the Thunder, Shumpert and Smith going to the Cavs, and Thomas, Amundson, and Kirk going to the Knicks.  In addition, the Cavs will receive a future first-round pick from the Thunder and the Knicks will get the Cavs’ 2019 second-round choice.

Waiters has been the subject of trade talks for some time and the Cavs were reportedly telling teams around the league that they’d be willing to part with him. Cleveland wanted Grizzlies big man Kosta Koufos, who would fit the bill as the “difference-making center” they were after, but they have found another deal in this proposed three-way swap.  Waiters, 23, has averaged 10.5 PPG, 2.2 RPG, and 1.7 RPG – all career lows – through 33 games this season.  The former No. 4 overall pick was reportedly being shopped in August as well, but the Cavs couldn’t find a suitable deal.  Waiters might not be the most complete player in the NBA, but he is a scoring threat and should add lots of punch for OKC off of the bench.

The Knicks wanted to trade Smith more than anyone else, according to a December report from’s Chris Broussard.  In fact, the Knicks have been huddling up internally for some time to figure out how they could move the polarizing guard.  There hasn’t been much trade buzz surrounding Smith in recent weeks, but the Knicks were able to find a taker in tonight’s three-team blockbuster.  The 29-year-old New Jersey native is averaging 10.9 PPG, 3.4 APG, and 2.4 RPG this season.  The scoring output is his lowest since his sophomore season in 2005/06.  His PER rating of 11.7 – a career low – tells a more complete story of his struggles this season.  Thanks to his 15% trade kicker, Smith will collect on something of a belated Christmas bonus.

Shumpert, 24, has been a mainstay on Hoops Rumors and on the back pages of the New York tabloids for the last two seasons.  The Knicks might not have been intent on moving Shumpert, but by including him they were able to move both his salary and Smith’s without taking much back.  The combo guard is averaging 9.3 PPG, 3.4 RPG, and 3.3 APG in 26 minutes per contest this season.  Shump is also headed towards restricted free agency this offseason and the Knicks, ostensibly, weren’t going to make a big play to retain him.

The Knicks didn’t add much in terms of assets, but they have greatly improved their financial situation by moving Smith’s substantial contract.  The guard is making nearly $6MM this season and he holds a player option worth nearly $6.4MM for 2015/16.  It’s possible that the shooting guard could turn down the option in order to seek a more lucrative multi-year deal, but that’s not a risk that Phil Jackson & Co. were willing to take.  Beyond the financial benefit of moving Smith’s deal, the Knicks are also moving a player who might not be a wonderful locker room presence.

7:41pm: It looks like Jackson will be staying with the Thunder, Charania tweets.  The Knicks will receive two trade exceptions – worth $6MM and $2.5MM – in the deal by trading Smith and Shumpert, as Marc Berman of the New York Post notes (on Twitter).

7:40pm: The Thunder will send a protected future first-round choice to the Cavs in the deal, Wojnarowski tweets.

7:35pm: Kirk will be headed from the Cavs to the Knicks as a part of the deal, according to Wojnarowski.

7:32pm: The Knicks will get three players in the deal and will waive all three, according to Amico (on Twitter).  Amico surmises that two of those three players will be Amundson and Kirk.

7:25pm: The Knicks will get a future second round pick in the deal, according to Marc Berman of the New York Post (via Twitter).

7:10pm: The Knicks are leaning towards waiving Dalembert outright rather than trading him, according to Shams Charania of RealGM (on Twitter).

7:06pm: The Knicks won’t be getting any roster players in the deal, according to Marc Berman of the New York Post (on Twitter).  The deal appears to be a cap clearing move for New York.

7:05pm: It turns out Jackson will not be headed to the Knicks and it’s unclear if he’s going anywhere at all, Wojnarowski tweets.

6:46pm: The basic framework of the deal has Waiters going to the Thunder, Smith to the Cavs, and Jackson to the Knicks, sources tell Brian Windhorst of (on Twitter).  The Knicks are sending Iman Shumpert to Cleveland in the deal as well, according to Wojnarowski (on Twitter).  The Thunder will send Lance Thomas to the Knicks as a part of the deal, according to Shams Charania of RealGM (on Twitter).

6:42pm: The deal will also involve Knicks center Samuel Dalembert, a source tells Sam Amico of FOX Sports Ohio (on Twitter).

The Knicks will send J.R. Smith to the Cavs in the swap, according to Wojnarowski (via Twitter).

6:36pm: The Thunder are a possible destination for Waiters, league sources tell Adrian Wojnarowski of Yahoo Sports (on Twitter).  Reggie Jackson could be part of the swap, which now appears to be a three-way deal (link).

Wojnarowski adds (link) that there’s a “trade call” scheduled for later tonight, so the deal could be consummated rather quickly.

6:32pm: The Cavaliers have pulled Dion Waiters out of tonight’s game as they have reached a deal to trade him, league sources tell Adrian Wojnarowski of Yahoo Sports (on Twitter).  It’s not yet known where he’s headed, however.

The Cavs acknowledged that Waiters, Alex Kirk, and Louis Amundson are all being discussed in a trade, resulting in them being pulled from tonight’s game, according to Dave McMenamin of (on Twitter).

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