The Orlando Magic is trading Channing Frye to Cleveland in a three-team deal that involves the Portland Trail Blazers. The Cavs will send Anderson Varejao with a 2018 first-round pick to Portland.

The Blazers will waive Tim Frazier to accommodate the acquisition of Varejao, and will waived Varejao once the trade goes through.

Orlando will receive Jared Cunningham and a Portland second-round pick. Cunningham is also expected to be waived.