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The Chicago Bulls have traded All-Star forward Luol Deng to the Cleveland Cavaliers. The Cavs will send Andrew Bynum and multiple draft picks to Chicago in the deal. From the Cavaliers’ official release:

The Cleveland Cavaliers have acquired All-Star forward Luol Deng from the Chicago Bulls in exchange for center Andrew Bynum, three future draft picks and the right to swap 2015 first round picks with the Cavs (1-14 protected), Cavaliers General Manager Chris Grant announced tonight from Cleveland Clinic Courts.

“We are very excited for Luol to join the Cavaliers organization, ” said Grant. “We have worked to acquire and maintain flexibility in order to capitalize on opportunities such as this. Luol reflects all that we are striving for in building our team. He’s a tremendous defensive player that can impact the game on both ends of the court with a team first mentality and is a high character leader.”

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 a 2013 draft night trade.

Chicago is expected to waive Bynum before his $12 million guaranteed kicks in Tuesday. Deng, 28, was frustrated with Chicago over their failure to lock him into a contract extension this year and is scheduled to be an unrestricted free agent this summer.

After Derrick Rose‘s second major knee surgery in three years, rumors had run rampant that the Bulls intended to blow up the core and build a new championship team around the star when he returns. This would seem to be the first move in that direction. The New York Daily News reported over the weekend that the team intends to use the amnesty provision to waive Carlos Boozer.

Source: CBS Sports