Magic send Frye to Cavaliers in 3-team deal
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The Orlando Magic have traded stretch-four Channing Frye to the Cleveland Cavaliers in a three-way deal that involves Anderson Varejao heading to the Portland Trail Blazers.
The Magic will send Varejao to Portland in exchange for a second-round pick.
The central piece of the transaction is Frye, who remains a serviceable rotation player at age 32. The Arizona alumnus is cashing in on 39.7 percent of his 3-point attempts this season (10 percent more than his career average) and will offer the Cavs additional floor spacing in a system that features elite slashers LeBron James and Kyrie Irving.
Cleveland had previously been linked to numerous sharpshooters such as Kyle Korver, Ben McLemore, and Ryan Anderson.
The Cavs also benefit in the form of some much-needed cap relief, saving more than $10 million in salary and taxes by shipping out Varejao, a fan favorite, and Jared Cunningham, who's heading to Orlando.
The Magic, who will receive a second-round pick from Cleveland, are expected to waive Cunningham.
Should Orlando choose to release the newly acquired Ersan Ilyasova prior to this summer's free-agency period, the Magic would reach $45 million in cap space during the offseason.
The Blazers will waive rookie Tim Frazier in order to absorb Varejao's contract; however, they are reportedly set on releasing the Brazilian big man.
Amderson Varejao has a five-percent trade kicker that will be worth an extra $626,825
— Marc Stein (@ESPNSteinLine) February 18, 2016
Portland will also receive a 2018 first-round pick from Cleveland, top-10 protected for 2018 and 2019.