Knicks trade Shumpert, Smith to Cavs in 3-team deal; Waiters goes to Thunder

The Cleveland Cavaliers made a major move Monday night in an attempt to give their flagging season a shot in the arm. 

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The Cavs have acquired two New York Knicks - shooting guard Iman Shumpert and swingman J.R. Smith - in a three-way trade that also sends guard Dion Waiters to the Oklahoma City Thunder. The deal was confirmed late Monday night.

The Cavs will also get a protected first-round pick from the Thunder, while the Knicks receive a 2019 second-rounder from the Cavs and bit players Alex Kirk, Lou Amundson and Lance Thomas. 

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The Knicks plan to waive Kirk and Amundson, according to multiple reports.

New York, clearly seeking a culture overhaul in the midst of a dreadful season, also announced that they waived veteran center Samuel Dalembert.

RELATED: Trade about fit, flexibility, future for Knicks

Shumpert, known for his perimeter defense, is currently sidelined with a shoulder injury. He was averaging 9.3 points, 3.4 rebounds and 3.3 assists per game prior to getting hurt. He can become a restricted free agent this summer.

Cavaliers management spoke to LeBron James about his willingness to play with Smith, according to a report by Brian Windhorst and Marc Stein of ESPN.

Both Smith and Waiters are much-maligned players having similar statistical seasons - sub-41 percent shooters averaging about 10 points per game.

Waiters, Kirk and Amundson were pulled from the Cavaliers' bench moments before their game Monday night against the Philadelphia 76ers.