The Cavaliers will have two separate trade exceptions – $10.5 million and $2.85 million – that they’ll have one calendar year to use. The Cavaliers can use a trade exception to acquire a player under contract in a deal.
The deal could spare the Cavaliers nearly $10 million in salary and luxury tax payments.
Haywood has a non-guaranteed $10.5 million contract that the Blazers will waive without cost to them. Miller, owed $2.85 million in the final year of his contract, is a strong candidate to negotiate a buyout with the Blazers and become a free agent, league sources told Yahoo Sports.
Cleveland's payroll is just over $100 million – without an agreement yet in place for restricted free agent Tristan Thompson, who's expected to get a deal north of the $13 million a year he rejected in the preseason.
Before the Thompson deal, Cleveland is facing a luxury tax bill near $40 million.
As part of the deal, the Blazers will receive the higher of the second-round picks that the Los Angeles Lakers and Minnesota Timberwolves owe Cleveland in 2019, and Cleveland's 2020 secound-round pick, league sources told Yahoo Sports. Portland will send cash to the Cavaliers too, sources said.
At 35 years old, Miller averaged 2.1 points for the Cavaliers in the 2014-15 season. Across 15 NBA seasons, Miller has averaged 11 points.