Luol Deng traded to Cavaliers for Andrew Bynum

The Cavaliers and Bulls have finalized a trade sending Luol Deng to Cleveland in exchange for disgruntled center Andrew Bynum, the teams announced early Tuesday morning. The trade comes just ahead of the Jan. 7 deadline to waive Bynum before the second half of his $12 million salary became fully guaranteed. Chicago will also receive three future draft picks in the deal and the right to swap 2015 first-round picks with the Cavs, pending protection.

Here's a full breakdown of the assets exchanged in the deal, via NBA.com:

In exchange for Deng, the Cavs send Chicago Bynum, Cleveland’s right to the Sacramento King’s first round draft pick conveyed in a June 30, 2011 deal, the right for Chicago to swap its own 2015 first round draft pick with the Cavs own 2015 first round draft pick (only in the case that the Cleveland 2015 first round draft pick is between 15 and 30) and the Portland Trail Blazer’s 2015 and 2016 second round draft picks acquired from the Trail Blazers via 2013 draft night trade.

Chicago was the only team Deng had ever known and was the Bulls' longest-tenured player since being selected with the No. 7 pick in the 2004 draft. Deng, who turna 29 in April and will be an unrestricted free agent after the season, is currently enjoying one of the best seasons of his career. He's averaging a career-high 19 points per game to go along with 6.9 rebounds and 3.7 assists on 45.2 percent shooting. He is regarded as one of the top defensive wings in the league. Deng has made the All-Star Game each of the last two seasons.

The trade essentially allows Chicago to save payroll and get future assets for Deng before he becomes a free agent, when he was widely presumed to find a new home.

The trade also signifies the end of a failed experiment for the Cavs with Bynum. Bynum was suspended for conduct detrimental to the team on Dec. 28 after he reportedly became uncooperative with the coaching staff. He didn't have the impact Cleveland had hoped in his 24 appearances on the season, averaging just 8.4 points and 5.3 rebounds in 20 minutes per game.

It was clear Bynum was a shell of his former self even at the ripe age of 26 after missing all of the 2012-13 season with knee injuries. He was shooting just 41.9 percent from the field this season after shooting above 55 percent in every season since his rookie year. He also clearly lacked the mobility and endurance he showed during his prime years with the Lakers.

Update: Deng reportedly turned down a contract extension with Chicago last week:

Luol Deng rejected a 3 year, $30 million extension with Bulls last week, league source tells Yahoo. Turned out to be prelude to trade.

— Adrian Wojnarowski (@WojYahooNBA) January 7, 2014

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