The Cleveland Cavaliers originally were reported to have completed a deal sending Alonzo Gee to the Charlotte Hornets in exchange for Brendan Haywood and Dwight Powell, who was selected with the 45th pick in the draft a couple weeks ago.
That deal was ultimately modified, and Gee was sent to New Orleans.
#Cavs will also get a $3 million trade exception in Gee deal with Pelicans, according to a source.— Jason Lloyd (@JasonLloydABJ) July 12, 2014
So, this is all pretty cool. The Cavs get Powell, a trade exception, and Brendan Haywood for the unguaranteed contracts that Alonzo Gee and Scotty Hopson were signed to. You can read this article to learn why Haywood's contract will be valuable next summer.
Following these deals, and assuming LeBron James' max contract starts at $20.64 million, I have the Cavaliers at about $1.6-$3.4 million in salary cap space. They have that space, as well as a $2.8 million "room" exception, with which to add pieces to the roster. The $3 million exception means that the Cavaliers can take on $3 million of salary in a trade without sending any back.
These are low risk moves that can't really hurt. Gee and Hopson are likely to be waived immediately or flipped by Charlotte and New Orleans. David Griffin is making some smart moves.