The Wizards will also receive $3 million in cash from the Nets. The move was completed in an effort by New Jersey to clear more cap space for the upcoming free agency sweepstakes.
SB Nation's Nets Daily explains the move from New Jersey's perspective:
The move will give them a bit more than $30 million in space and put them back in second place among teams seeking top free agents behind the Knicks. The Nets would need $33 million to sign two max free agents.
In return, the two report the Nets will receive journeyman small forward Quinton Ross. Initially, it was reported the Nets might be wind up with one of the Wizards' draft picks. [Dave] D'Alessandro reports that the deal will be announced this afternoon. Ross will be paid $1.14 million, $2.91 million less than Yi's $4.05 million.
Meanwhile, over at SB Nation DC, the trade gets an unfortunate welcome:
This is the rare trade that might be hated by fans of both teams. Wizards fans will not like spending the extra money on a player who has been a disappointment thus far in his career, while Nets fans might think the team is getting .50 cents on the dollar for a prospect who may not have reached his peak as a player.
In any case, it seems official. Yi's strange journey through the NBA continues, and the Nets are now among the richest teams in free agency, getting closer and closer to a reality where they'll have enough cap space for either two max free agents this summer, or, perhaps, a max free agent this year, and maybe Carmelo Anthony next summer? Just a thought...