by Marcel Mutoni @ marcel_mutoni

The Bulls and Cavaliers have agreed to a blockbuster trade, sending Luol Deng to Cleveland in exchange for suspended center Andrew Bynum, three future draft picks and the right to swap 2015 first round picks.

Deng is moving on after nine-plus seasons in Chicago, while Bynum’s downward spiral continues.

From the press release:

“We are very excited for Luol to join the Cavaliers organization,” said Cavs GM Chris Grant. “We have worked to acquire and maintain flexibility in order to capitalize on opportunities such as this. Luol reflects all that we are striving for in building our team. He’s a tremendous defensive player that can impact the game on both ends of the court with a team first mentality and is a high character leader.”

In exchange for Deng, the Cavs send Chicago Bynum, Cleveland’s right to the Sacramento King’s first round draft pick conveyed in a June 30, 2011 deal, the right for Chicago to swap its own 2015 first round draft pick with the Cavs own 2015 first round draft pick (only in the case that the Cleveland 2015 first round draft pick is between 15 and 30) and the Portland Trail Blazer’s 2015 and 2016 second round draft picks acquired from the Trail Blazers via 2013 draft night trade.

Luol Deng reportedly turned down a $30 million contract extension offer from the Bulls, opening the door for this trade.

Deng will be an unrestricted free agent this summer, and Cleveland can offer him the richest deal on the market.

Andrew Bynum will be waived before the second half of his $12.3 million contract becomes guaranteed today, dropping the Bulls below the luxury-tax threshold.