9:29pm: The Kings have officially acquired Caboclo for Richardson, the team announced in a press release.
4:51pm: The Kings have changed course and will now keep Caboclo on their roster, tweets Sean Cunningham of ABC 10 Sacramento. The Kings are waiving Georgios Papagiannis to clear the roster spot necessary for their other trade.
1:04pm: The Kings plan to release Caboclo once the trade is complete, tweets Jason Jones of The Sacramento Bee.
Sacramento will still owe him the rest of his $2.45MM salary for this season, but the Kings need to open a roster spot to complete a deal with Cleveland and Utah that brings in Iman Shumpert and Joe Johnson while sending out George Hill. Sacramento also gets rid of the nearly $1.6MM Richardson is owed next season, along with future options on his rookie contract.
A first-round pick in 2016, Richardson has been somewhat of a disappointment in Sacramento after being acquired in a draft-night trade. He has played just 47 games in a season and a half and is averaging 3.5 points while shooting .365 from the field and .299 from 3-point range.
Toronto also had high hopes for Caboclo when it made him the 20th pick in the 2014 draft, but he has spent almost his entire career in the G League. He has played just 25 games at the NBA level, including two this season.
The Raptors save close $1MM in the deal, which was made to provide more flexibility in the buyout market, tweets Josh Lewenberg of TSN.