Cavs acquire Markkanen in 3-way deal with Bulls, Blazers
Markkanen, 24, will sign a four-year, $67-million deal as part of the move to Cleveland, sources told ESPN's Adrian Wojnarowski. The Bulls will receive Derrick Jones Jr., the Blazers' lottery-protected 2022 first-round selection, and a 2023 second-rounder from the Cavs.
Larry Nance Jr. heads to Portland from Cleveland to complete the transaction.
Markkanen, who was reportedly linked with several other teams, averaged 15.6 points and 7.1 boards on 36.6% shooting from deep over four seasons with the Bulls. The Minnesota Timberwolves selected the Finnish forward seventh overall before trading him to the Bulls in the draft-night deal for Jimmy Butler.
With Markannen heading to Cleveland, Chicago is now $6.4 million below the luxury tax, with Jones' $9.7-million deal set to expire at the end of the 2021-22 season, according to ESPN's Bobby Marks.
The Cavs are $4.7 million below the cap, and the Blazers are $1.3 million short, a figure that will likely rise by $3 million upon the signing of a 14th player to round out the roster.