Sources: Cavs get Frye from Magic in 3-team deal
INDEPENDENCE, Ohio — The Cleveland Cavaliers acquired Channing Frye in a three-team trade Thursday, adding a shooter the Cavs had been coveting leading up to the trade deadline, while also saving more than $10 million in payroll and taxes this season, sources confirmed to ESPN.
In order to receive Frye, the Cavs will send center Anderson Varejao and a conditional first-round pick to the Portland Trail Blazers. The 2018 pick is top-10 protected for two years. Cleveland will also part ways with backup guard Jared Cunningham in the deal, sending him to Orlando along with a second-round pick from Portland.
Once the deal is complete, the Blazers plan to waive Varejao, sources tell ESPN. He is owed $9.7 million this year, $9.3 million in 2016-17 and $4.5 million from his partially guaranteed deal in 2017-18. Varejao has a 5 percent trade kicker that will be worth an extra $626,825.
The Blazers will use the stretch provision to pay the remainder of Varejao’s salary over five years. Portland took on Varejao’s deal in part to reach the mandated salary cap floor.
With the deal, the Cavaliers created new trade exception of $9.6 million.
The 6-foot-11 Frye is a stretch forward who is averaging 5.2 points and 3.2 rebounds in his second season in Orlando. His best seasons came with Phoenix, where he averaged 11.4 points and 5.7 rebounds in four seasons. He is a career 38.7 percent shooter from 3-point range.
The Cavaliers can absorb Frye’s $8.2 million salary directly in a $10.5 million trade exception that Cleveland has. The Magic would prefer that so they don’t have to take back any salary. Frye is owed $7.8 million in 2016-17 and $7.4 million in 2017-18.
The Trail Blazers also added Brian Roberts and a 2021 second-round pick in a separate deal with the Miami Heat on Thursday.
Information from ESPN’s Marc Stein, Ramona Shelburne and Chris Broussard was used in this report.
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