Here are terms of Celtics-Hornets sign-and-trade for Hayward originally appeared on NBC Sports Boston
The Celtics and Hornets completed a sign-and-trade Sunday that sends Hayward and two future second-round draft picks to Charlotte and a conditional future second-round pick to Boston, the teams announced.
We have traded Gordon Hayward and 2 future second round draft picks to the @hornets in exchange for a conditional future second round draft pick. The sign-and-trade agreement also creates a trade exception for Boston.
— Boston Celtics (@celtics) November 29, 2020
— Charlotte Hornets (@hornets) November 29, 2020
Most importantly, the Celtics now have a traded player exception that should equate to roughly $30 million with Hayward joining Charlotte on a four-year, $120 million contract.
Boston's monster new TPE will last a year from today for the same amount of Hayward's first-year salary with the Hornets
The Celts can use it to absorb multiple salaries in trades over that year but CANNOT package it with other contracts in trades or trade the TPE to other teams
— Marc Stein (@TheSteinLine) November 29, 2020
The C's must use their trade exception within a year, but they now essentially have a free $30 million they can use to pay any players they acquire via trade.
That puts the pressure on Celtics president of basketball operations Danny Ainge to swing a deal for an impact veteran who can boost Boston's title hopes.
Whether Ainge makes that move prior to February's NBA trade deadline or waits until the 2021 offseason will depend on his confidence in this year's squad.
UPDATE (5:30 p.m. ET): According to ESPN's Bobby Marks, the Celtics' trade exception is worth $28.5 million.