"At 10:13 a.m. on Wednesday morning Jarrett Jack sent a three-word tweet: I got news.
"The trade can't be completed until Thursday when a league-wide moratorium on signings and trades is lifted, but it's a deal for Cleveland to create enough salary cap space to offer LeBron James the maximum contract that he covets this off-season.
"Of course, James still has a decision to make and is said to be choosing between Cleveland and (the) Miami (Heat).
"The Cavs sent Jack Sergey Kasarev, the No. 19 pick in last year's NBA Draft, to the Brooklyn Nets. The Cavs also traded former first rounder Tyler Zeller and a 2016 first-round pick to the Boston Celtics. Yahoo Sports reports the pick is Top-10 protected in 2016, 2017 or 2018. It's unprotected in 2019.
"When the deal goes through, the Cavs will create more than $21 million in cap space. A max deal for James would take $20.7 million.
"Jack, who has three years remaining on his contract, is owed $6.3 million during the 2014-15 season.
"Zeller will make $1.6 million and Karasev $1.4 million.
"The Cavs received the draft rights to Ilkan Karaman, Christian Dejer and Edin Bavcic. They might also get a future second rounder."
"After shedding nearly $22 million in cap space in a proposed three-team trade, the Cleveland Cavaliers are also pursuing free agent shooting guard Ray Allen and forward Mike Miller, sources told ESPN The Magazine's Chris Broussard.
"The cap-clearing maneuvers would primarily allow the Cavs to make a max offer to LeBron James, but Allen and/or Miller could join Cleveland under team-friendly deals.
"Allen and Miller are good friends with LeBron, having played with him for two and three seasons, respectively, with the Miami Heat.
"Allen made $3.6 million last year. He likely would have to take a pay cut to join the Cavaliers should they land James and pay him the max salary, whichis $20.7 million for next season. If the Cavs want to pay Allen and/or Miller more, they'd have to clear additional cap space.
"Allen has spent the past two seasons as James' teammate with the Heat. He was said to be considering retirement after Miami's loss in the NBA Finals, but sources said he has since changed his mind and is leaning toward returning for a 19th season in the league."
In a related development, the Cavaliers are also eyeing a trade for Minnesota Timberwolves All-Star forward Kevin Love should they re-acquire four-time MVP LeBron James, per Yahoo Sports' Adrian Wojnarowski:
"The Cleveland Cavaliers are pursuing a trade for Minnesota Timberwolves All-Star Kevin Love contingent on the signing of LeBron James, league sources told Yahoo Sports.
"The Cavs have already made a salary-cap-clearing move to create room to possibly sign James by reaching agreement on a three-team trade that will send Jarrett Jack and Sergey Karasev to the Brooklyn Nets, league sources told Yahoo Sports.
"For the Cavaliers, there are no assurances James will sign with them, but he did reach out to two veteran free agents last week about joining him if he were to leave Miami, sources told Yahoo Sports. Sharp-shooting forward Mike Miller was one of them.
"Miller could not go back to the Heat because they amnestied him. The Cavaliers, Memphis Grizzlies, Oklahoma City Thunder and Denver Nuggets are among the teams pursuing Miller with his market price rising to $4 million to $4.5 million annually, sources said.
"If James does leave Miami, Chris Bosh's intention is to also leave the Heat, league sources told Yahoo Sports. Bosh has been speaking with the Houston Rockets, who are prepared to clear enough cap room to offer him a four-year, $88 million contract.
"If the Cavs can't get James, their backup plan remains making a run at signing free-agent forward Trevor Ariza, league sources told Yahoo Sports."
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