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The Cleveland Cavaliers acquired forward Channing Frye from the Orlando Magic and sent center Anderson Varejao to the Portland Trail Blazers as part of a three-team trade on Thursday. The Magic acquired a second-round draft pick and guard Jared Cunningham, though they are expected to waive him. The Trail Blazers also received a future first-round draft pick as part of the deal.
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Frye had been linked to a possible trade to the Los Angeles Clippers earlier this week. He has two years remaining on a four-year deal he signed with Orlando before the 2014-15 season. According to the reports, Cleveland is expected to use a $10.5 million trade exception to take on Frye's remaining $8.2 salary for this season.
In 44 games this season, Frye has averaged 5.2 points and 3.2 rebounds on 43.5 percent shooting and shot 39.7 percent from 3-point range.
Frye, 32, will be joining his fifth team since entering the league as a first-round pick of the New York Knicks in 2005. In 701 games for the Knicks, Trail Blazers, Phoenix Suns and Orlando, Frye has averaged 9.3 points per game while shooting 43.8 percent.
"Channing Frye is someone we know well," Cavaliers general manager David Griffin said. "His length, floor spacing ability and locker room presence will impact us positively. He is a great fit with our group, both on the court and off."
In recent years, Frye has become a formidable threat from 3-point range. He attempted 70 3-pointers in his first four seasons but in his last six seasons, he has made 39 percent (778-of-1993) of his 3-point attempts.
Varejao has appeared in 31 games this season for Cleveland and has played his entire career for the Cavaliers. The 33-year-old native of Brazil has averaged 7.6 points and 7.5 rebounds in 591 games for Cleveland since joining the league in 2004-05.
"Anderson is a special player, teammate and person," Griffin said. "Few players have earned the respect, support and admiration of an entire organization, fan base and community as Andy did here. Those are all things that made this a difficult deal to do.
"At the same time, we have a deep obligation to do whatever we can to reach our ultimate goal and we believe this was a deal that improves our team now and positions us better in the future as well. We thank Andy for his hard work, dedication and contributions to the Cavaliers and our community."
Slowed by injuries in recent seasons, Varejao has two years remaining on his contract and is owed over nine million dollars in each of the next two seasons.
He is expected to be waived by Portland according to reports.
Cunningham played in 40 games for the Cavs this season and averaged 2.6 points.
