Lauri Markkanen Alonzo Adams-USA TODAY Sports

Cavaliers acquire Lauri Markkanen in three-team trade with Bulls, Trail Blazers

By Erin Walsh | Last updated 8/27/21

The Cleveland Cavaliers have acquired Lauri Markkanen in a three-team trade with the Chicago Bulls and Portland Trail Blazers, according to ESPN's Adrian Wojnarowski.

Markkanen will sign a four-year, $67 million deal as part of the move to Cleveland, Wojnarowski adds. The Bulls receive Derrick Jones Jr., the Trail Blazers' lottery-protected 2022 first-round pick and a 2023 second-round pick from the Cavs.

Larry Nance Jr. is headed to Portland to complete the deal.

Portland sends lottery protected 2022 pick to Bulls; Cavs send a 2023 second-round pick via Denver to Chicago, per sources.
— Adrian Wojnarowski (@wojespn) August 27, 2021

Blazers pick is protected 1-14 through 2028. It becomes Portland 2028 second-round pick if not conveyed before then, per sources.
— Adrian Wojnarowski (@wojespn) August 27, 2021

Markkanen said earlier this month that he wanted to move on from the Bulls, saying, "I want a fresh start to my NBA career somewhere else."

The 24-year-old averaged 15.6 points and 7.1 boards on 36.6% shooting from deep over four seasons with the Bulls. Last season, he ended up being moved to the bench, losing his starting job to Daniel Theis after the trade deadline.

Executive vice president Artūras Karnišovas said in May that Markkanen was "an essential part of our team" whom he hopes "is a part of what we're building here," according to NBC Sports Chicago. However, things obviously changed later this summer.

Chicago is now $6.4 million below the luxury tax, with Jones' $9.7 million deal set to expire at the end of the 2021-22 season, according to ESPN's Bobby Marks.

Chicago is now $6.4M below the luxury tax with 13 guaranteed contracts.

$11.8M below the hard cap

Derrick Jones Jr. is on an expiring $9.7M contract.
— Bobby Marks (@BobbyMarks42) August 27, 2021

The Cavaliers are $4.7 million below the cap and the Blazers are $1.3 million below the cap.

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