The Celtics sent guard Courtney Lee and a 2016 second-round draft pick to Memphis in exchange Bayless. The Thunder sent forward Ryan Gomes to Boston for a conditional 2017 second-round draft choice. Gomes was then waived, the Celtics said.
The moves by Boston Celtics President of Basketball Operations Danny Ainge were seen as a path to give the team additional flexibility under the NBA salary cap.
Bayless, 25, averaged 8 points, 1.9 rebounds and 2.1 assists in 31 games with Memphis this season. He's in his sixth NBA season.
Lee had averages of 7.4 points, 1.6 rebounds and 1.1 assist in 30 games for the Celtics. The 28-year-old guard is also in his sixth season in the NBA.
Gomes, a 31-year-old, eight-year NBA veteran, appeared in five games for the Thunder this season, totaling just 34 minutes and scoring six points.