Just a few short days after the Cleveland Cavaliers acquired guard Keith Bogans, the team has traded him to the Philadelphia 76ers. Along with Bogans, the Cavaliers will be sending a future second-round pick to the 76ers and in return will receive a trade exception worth $5.3 million in return. ESPN's Marc Stein first reported the news on Twitter. Chris Haynes of the North East Ohio Media Group and Jason Lloyd of the Akron Beacon Journal subsequently confirmed the trade on their respective Twitter accounts.
ESPN sources say Cavs have agreed to trade newly acquired Keith Bogans to Philly— Marc Stein (@ESPNSteinLine) September 27, 2014
Sources say Cavs will send a future second-round pick to Philly and create a $5.3 million trade exception in the process— Marc Stein (@ESPNSteinLine) September 27, 2014
This move gives Cleveland another trade asset if it is indeed looking to make another move to solidify the roster. With Brendan Haywood's non-guaranteed contract also on the books, the Cavs are clearly looking to maintain financial flexibility moving forward and avoid paying the luxury tax. Whether that's through clearing non-guaranteed money to use in free agency, or making a trade centered around the trade exception, is not yet clear.
Update: The Cavaliers will be in fact receiving a second-round pick in return with restrictions on it.
Correction: #Cavs giving future 2nd rd pick to Sixers and obtaining a 2nd round pick w/strings attached. Real benefit is trade exception— Jason Lloyd (@JasonLloydABJ) September 27, 2014