Blazers Acquire Anderson Varejao In 3-Team Trade

Sam Amick of USA Today reports that the Portland Trail Blazers have acquired Cleveland Cavaliers center Anderson Varejao in a 3-team trade. The Cavaliers have acquired Channing Frye from the Orlando Magic. More details to follow:

Channing Frye will be sent to the Cavs from Orlando, I'm told. Anderson Varejao will wind up in Portland. More to come.

— Sam Amick (@sam_amick) February 18, 2016

The Blazers were first linked to Varejao by Frank Isola of the New York Daily News.

UPDATE

Frank Isola, David Aldridge, Dave McMenamin, Adrian Wojnarowski, Marc Stein, Shams Charania, Bobby Marks, and Steve Kyler follow up with more details:

Anderson Varejao will be moved by Orlando to Portland for picks and an expiring contract according to a source. Channing Frye to Cleveland.

— Frank Isola (@FisolaNYDN) February 18, 2016

Orlando will get Jared Cunningham and a second-round pick from Cleveland, per source. Magic clear even more cap room.

— David Aldridge (@daldridgetnt) February 18, 2016

Further details on Frye/Varejao deal per source: Cunningham from CLE to ORL; Cavs send conditional 1st to POR & 2nd Rd pick from POR to ORL

— Dave McMenamin (@mcten) February 18, 2016

The Portland Trail Blazers will likely waive Anderson Varejao, league sources tell @TheVertical.

— Adrian Wojnarowski (@WojVerticalNBA) February 18, 2016

To take on Varejao's deal, the pick that Cleveland sends to Portland will be a 2018 first-round pick, league sources tell @TheVertical.

— Adrian Wojnarowski (@WojVerticalNBA) February 18, 2016

Amderson Varejao has a five-percent trade kicker that will be worth an extra $626,825

— Marc Stein (@ESPNSteinLine) February 18, 2016

Portland is waiving guard Tim Frazier to clear a roster spot to absorb Anderson Varejao from Cleveland, league source tells The Vertical.

— Shams Charania (@ShamsCharania) February 18, 2016

Portland can stretch Varejao's $9.8m owed in 2016-17 and 17-18 over 5 years starting in July.

— Bobby Marks (@BobbyMarks42) February 18, 2016

If Portland waives Varejão as expected he gets $1.17m from Cavs (kicker), $3.28m from POR this year and $1.96 m for next 5 years (updated)

— Steve Kyler (@stevekylerNBA) February 18, 2016

Seems like Orlando and Cavs are sending cash to Portland in Varejão/Frye deal. @EricPincus will need to confirm.

— Steve Kyler (@stevekylerNBA) February 18, 2016

According to The Columbian's Erik Gundersen, Cleveland's first round pick is top-10 protected for 2018 and 2019, and is then converted to two second-rounders if the transaction has not completed.

The Cavaliers top-10 protected pick becomes two 2nd rounders if it is not conveyed in 2018 or 2019, a league source said.

— Erik Gundersen (@blazerbanter) February 18, 2016

Supposing this all plays out as anticipated, the Blazers have essentially used cap space and a second round pick to acquire a 2018 first round pick. Backup point guard Tim Frazier was a casualty. However, per the NBA's "Stepien rule," the Cavaliers cannot trade first round picks in consecutive years. Because of the protections on their picked owed to Phoenix in 2016, it is unclear how they can trade their 2018 pick, since that may require them to trade back-to-back years.

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