The Cavs will send Anderson Varejao and a first round conditional pick to the Blazers, the Magic will receive a second round pick from Portland along with point guard Jared Cunningham from Cleveland, and the Cavs will receive Channing Frye from the Magic.
Both Jared Cunningham and Anderson Varejao are expected to be waived once the deal is complete. Varejao is owed $9.7 million this year, $9.3 million in 2016-17 and a partially guaranteed $4.5 million in 2017-18, also including a five percent trade kicker that will be worth an extra $626,825.
Adding Frye gives the Cavs another stretch forward who is a good shooter in the lineup. He does best around the perimeter, shooting 38% from the three-point line. He is averaging 5.2 points and 3.2 rebounds in his second season in Orlando, but while in Phoenix, he averaged 11.4 points and 5.7 rebounds in four seasons. This should prove to be a good acquisition for the Cavaliers.
Frye has a base salary of $8.1 million this season, $7.8 million for 2016-17, and $7.4 million for 2017-18.
Look for the Cavaliers to open the second half of their season by hosting the Chicago Bulls on Thursday night.