Cleveland Cavaliers trade Brendan Haywood and Mike Miller to Portland Trail Blazers

UPDATED: As first reported by Yahoo's Adrian Wojnarowski, the Cleveland Cavaliers and Portland Trail Blazers have agreed to a deal that will send Brendan Haywood and Mike Miller out of town. In return, the Cavs will get two trade exceptions that could help them make a move at some point in the future. It looks like the Cavs are also sending a couple of second-round picks to Portland.

Cleveland has traded Brendan Haywood and Mike Miller to Portland, league source tells Yahoo Sports.

— Adrian Wojnarowski (@WojYahooNBA) July 27, 2015

In Haywood, Miller trade @WojYahooNBA retorted, Blazers receive more favorable of #Cavs two '19 second rounders and #Cavs 2nd in 2020

— Jason Lloyd (@JasonLloydABJ) July 27, 2015

To be accurate on trade exceptions, they cannot be combined. Cleveland will have two exceptions -- $10.5M and $2.85M.

— Adrian Wojnarowski (@WojYahooNBA) July 27, 2015

Haywood and Miller will both likely be waived, and the Blazers will save some money as they look to rebuild a little bit after a tough offseason.

For a team without much cap flexibility like the Cavs, trade exceptions can be very valuable, if they have the opportunity to use them at some point in the next year. To get these two exceptions, the only assets they had to give up were Haywood's contract, Miller, and some second-round picks. None of those things were going to help the Cavs much this upcoming season (I was hopeful about Miller but that hope was probably misguided); one of the trade exceptions definitely could.

Also of note: LeBron was reportedly on board with letting his buddy Miller move on.

LeBron OK with Mike Miller trade, per source, who said Miller wanted out and a chance to play again. #Cavs receive trade exceptions for both

— Jason Lloyd (@JasonLloydABJ) July 27, 2015

Once he's released, Miller won't be able to return to the team that just traded him, so there's no chance of a reunion with LeBron in Cleveland. At least not until after next season.

We'll have more on this deal soon.