The Memphis Grizzlies have agreed to trade Marreese Speights, Wayne Ellington, Josh Selby and a future draft pick to the Cleveland Cavaliers for Jon Leuer, according to a source.
The Grizzlies will save approximately $6 million with the trade, allowing management to avoid $4 million in luxury tax penalties.
The trade will allow the Grizzlies to keep Rudy Gay without tax penalties, but also bring more competitive offers.
The Cavaliers have waived Jeremy Pargo in order to make the trade work.The first round pick is protected from 1-5 and 15-30, according to ESPN's Brian Windhorst.
The Cavaliers have now traded for six first round picks since 2010.
Ronald Tillery/Memphis Commercial Appeal