INDEPENDENCE: The Cavaliers acquired Channing Frye from the Orlando Magic in exchange for Jared Cunningham and will send Anderson Varejao to the Portland Trail Blazers in a three-team deal, a league source confirmed. The Cavs also sent a first-round pick to the Blazers in the deal and acquired a second-round pick from the Blazers, which will also go to the Magic.
Cunningham and Varejao are both expected to be waived, according to reports, but neither is eligible to return to the Cavs for one year under league rules. USA Today and the New York Daily News first reported the deal.