Atlanta intends to waive Jefferson and Felder, sources said, and they would become free agents after clearing waivers. In exchange, the Cavaliers obtain the rights to Dimitrios Agravanis and Sergii Gladyr, in addition to saving $12.8 million in luxury tax.
Both Jefferson and Felder have been mentioned as two players that the Cavs were likely to either cut or trade in order to trim down the roster. The Cavaliers have also created two trade exceptions with the move.
Cavs general manager Koby Altman thanked Jefferson for being a part of the 2016 championship team in a conversation Friday evening explaining the trade, according to a source. His steady leadership, great attitude, dependability and performance helped us win an NBA Championship and we are grateful for all of his contributions on the court and within our locker room. He appeared in 79 games and started 13.
Felder was a promising draft pick of the Cavs, taken 54th overall in the 2016 Draft.
"Kay is a young, hard-working, talented player who has the potential for a bright and long future in this league as well", Altman continued.
Jefferson spent two seasons with Cleveland and contributed to the club's run to back-to-back NBA Finals, appearing in 35 postseason games.
The Hawks own the draft rights to five players who are now in European leagues. In 262 career professional games, Gladyr averaged 9.2 points, 2.8 rebounds and 1.3 assists and made 36 percent of his attempts from beyond the arc.