Knicks to deal Smith and Shumpert
A three-way trade between the Cleveland Cavaliers, New York Knicks and Oklahoma City Thunder is imminent, sources told ESPN.com.
As part of the discussions, Dion Waiters would go to the Thunder, J.R. Smith and Iman Shumpert would go to the Cavs and several players with nonguaranteed contracts would go to the Knicks including Lance Thomas from the Thunder, sources said.
The Cavs pulled Lou Amundson and Alex Kirk, both of whom have nonguaranteed deals, out of their game with the Philadelphia 76ers on Monday night. Smith was pulled from the Knicks game in Memphis as well.
Both the Cavs and Thunder have trade exceptions that can be used to facilitate the trades.
The Knicks are also expected to waive Samuel Dalembert, according to league sources. New York will save $2 million of Dalembert's $3.8 million salary by releasing him prior to Wednesday.
By dealing Smith, the Knicks have rid themselves of the shooting guard's $6.4 million player option for 2015-16. Shumpert can become a free agent this summer.
For Knicks, this deal was about changing their culture and clearing more cap space, sources told ESPN's Chris Broussard. Removing Smith's deal gives the team an additional $7 million in cap space this summer. They could have as much as $30 million to spend in free agency.
Final details were still being worked out by the teams Monday night.
Waiters is averaging 10.5 points, 1.7 rebounds, 2.2 assists and 1.3 steals for the Cavs this season while shooting 40.4 percent from the field and 25.6 percent from 3. After starting the first three games of the season for Cleveland, he has been relegated to coach David Blatt's bench, at times seeing his playing time doled out to veterans like Mike Miller, Shawn Marion and James Jones. Waiters is owed $5.1 million in 2015-16.
Smith has a player option for next season worth $6.4 million. He was named the league's sixth man of the year in 2012-13, averaging a career-high 18.1 points, 5.3 rebounds and 2.7 assists. He's regressed significantly this year, his 11th season, averaging 10.9 points on just 40.2 percent shooting from the floor.
Shumpert, a 24-year-old swingman, is averaging 9.3 points, 3.4 rebounds and 3.3 assists for the Knicks this season. He has shown flashes of being an elite perimeter defender when healthy. He has been sidelined since Dec. 12 with a dislocated left shoulder. He will become a restricted free agent this summer, as long as he's extended a $3.9 million qualifying offer.
J.R. Smith, Dion Waiters involved in 3-team trade between New York Knicks, Cleveland Cavaliers, Oklahoma City Thunder - ESPN