6:56pm: The Nuggets have officially announced their swap of Napier for McRae, issuing a press release to confirm the deal is done.
Both players have expiring contracts ($1.6MM for McRae and $1.8MM for Napier), and the Nuggets will get early Bird rights when McRae hits free agency this summer, tweets Bobby Marks of ESPN.
Napier came to Denver from Minnesota in the four-team deal that was completed last night. He averaged 9.6 points and 5.2 assists in 36 games in his first season with the Timberwolves. He provides depth at point guard if John Wall winds up missing the rest of the season.
McRae gives the Nuggets another instant-offense option off their bench to help make up for the loss of Malik Beasley. In his second season in Washington, McRae was averaging 12.8 PPG and shooting 37.7% from 3-point range through 29 games.
McRae has missed the past four games with an injured right ankle, but is expected to be ready tomorrow, tweets Mike Singer of The Athletic. McRae can handle both backcourt spots and the Nuggets gave up a player they didn’t really need, adds Nick Kosmider of The Denver Post (Twitter link).