In a minor deal Sunday night, the Cleveland Cavaliers sent veterans Mike Miller and Brendan Haywood to the Portland Trail Blazers, in exchange for future second-round draft picks.
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
As part of the trade to Portland, Mike Miller will receive a $400K trade kicker payout. Better than a going away party.
— Brian Windhorst (@WindhorstESPN) July 27, 2015
The Haywood departure was expected, and Miller is said to be looking for a chance to play and mentor younger players.
The deal could represent nearly $10 million in salary and luxury tax savings for Cleveland.
Per Yahoo! Sports:
The Cavaliers will have two separate trade exceptions – $10.5 million and $2.85 million – that they’ll have one calendar year to use. The Cavaliers can use a trade exception to acquire a player under contract in a deal. Those salaries count against the salary cap, but don’t impact luxury tax payments.
Haywood has a non-guaranteed $10.5 million contract that the Blazers will waive without cost to them. Miller, owed $2.85 million in the final year of his contract, is a strong candidate to negotiate a buyout with the Blazers and become a free agent, league sources said.
Cleveland’s payroll is just over $100 million – without an agreement yet in place for restricted free agent Tristan Thompson, who’s expected to get a deal north of the $13 million a year he rejected in the preseason. […] Before the Thompson deal, Cleveland is facing a luxury tax bill near $40 million.