Dion Waiters
Nov 7, 2014; Denver, CO, USA; Cleveland Cavaliers guard Dion Waiters (3) drives to the net against Denver Nuggets guard Randy Foye (4) in the third quarter at the Pepsi Center. The Cavaliers won 110-101. Reuters

The Cleveland Cavaliers finally traded promising shooting guard Dion Waiters in a multi-team trade that nets them a pair of perimeter players form the New York Knicks in Iman Shumpert and J.R. Smith. While details of the deal have not been made official, Adrian Wojnarowski of Yahoo Sports is first to report that the New York Knicks will be receiving Lance Thomas and a pick from the Thunder while also receiving center Alex Kirk from the Cavaliers.

Yahoo Sources: New York's J.R. Smith and Iman Shumpert on way to Cleveland, Dion Waiters to OKC, in three-way deal. http://t.co/JvzBFE9Z3u

— Adrian Wojnarowski (@WojYahooNBA) January 6, 2015

The blockbuster move comes on the heels of the Cavalier's disappointing start to the season and the Knicks continued spiral down the lottery line. The Cavaliers have been mired in a 1-3 record since losing LeBron James and are currently sporting a 19-15 record good for fifth in the Eastern Conference. Waiters has long been the odd-man out in an otherwise offensively talented cast of LeBron James, Kevin Love and Kyrie Irving and the trade is a culmination of the month-long discussion of his exodus. The change addresses the weakness in the perimeter of the team which sorely lacks a defensive stopper in the mold of Shumpert. It is unclear how the team will be able to retain the services of the expiring Shumpert as the team will also prepare for the free agency of Love and James.

The Knicks finally admits the season as a rebuilding one as it also waives Samuel Dalembert whose deal will become guaranteed if the veteran centre stays beyond the Wednesday deadline. The team has reportedly considered sitting out superstar forward Carmelo Anthony the rest of the season to rest his ailing knee. The Knicks can now fully turn their attention to the summer of 2015 when the contracts of Amare Stoudamire and Andrea Bargnani expire and the team can chase the marquee free agents such as Love and Marc Gasol. The Knicks also own their 2015 and going further down the standings works to their advantage, given their abysmal 5-31 record which is second-worst in the conference.

The Thunder acts as facilitator in the multi-team deal by sending a pick which is projected to be in the late first round and Lance Thomas, a promising player who is expected not be utilized in a team that is ready to compete for the championship. The addition of the mercurial Waiters will prove to be a challenge to Scott Brooks and his coaching staff as the young guard had a hard time accepting a sixth man role with his former team.