The Orlando Magic are shopping around Channing Frye and received an intriguing offer of Anderson Varejao from the Cleveland Cavaliers.
Marc Stein of ESPN.com reports the Cleveland Cavaliers have offered Anderson Varejao for Channing Frye, in hopes of securing the veteran stretch-4 and halting the proposed deal with the Los Angeles Clippers.
ESPN sources say Cavaliers have made an offer featuring Anderson Varejao for Channing Frye in an attempt to pre-empt Clippers' deal for Frye
— Marc Stein (@TheSteinLine) February 18, 2016
The deal may be contingent on whether the Cavaliers are able to acquire Ryan Anderson from the New Orleans Pelicans in a much more complicated and bigger deal involving multiple pieces.
The Orlando Magic had reportedly agreed to trade Channing Frye to the Los Angeles Clippers in exchange for Lance Stephenson and C.J. Wilcox on Tuesday night. The Clippers reportedly asked to hold off on that deal while they investigated other deals for Stephenson. The Magic would then waive Stephenson, who has a completely unguaranteed deal for the 2017 season.
That has left the door open for the Cavaliers to swoop in and try to snatch up Frye. They were reportedly long interested and negotiating against the Clippers and some other teams to acquire Frye and the two years remaining on his deal.
The mechanics of a Varejao-for-Frye deal are simple. No other players would be necessary.
However, the deal for Varejao does not make sense in light of the Magic’s recent trade of Tobias Harris for Brandon Jennings and Ersan Ilyasova. That move has the potential to completely clear Harris’ $17.2 million salary for 2017 and give the Magic the chance at a max-level salary in free agency this summer.
Trading Varejao would certainly not maximize cap room.
According to Basketball Insiders, Varejao has two more years left on his contract that are unguaranteed. However, Varejao is guaranteed $9.4 million of his $10.4 million salary in 2017 and $4.5 million of his $10 million salary in 2018 is guaranteed if he is not cut before August 1, 2017.
Focusing closer on the 2017 salary, acquiring Varejao would actually increase the Magic’s payroll for 2017 right off the bat. Frye is owed $7.6 million in 2017 (his contract is frontloaded). The Magic would increase their payroll by roughly $2 million.
That would not help the Magic at all clear cap space for that max free agent or potentially two as the case may be. The Tobias Harris trade created flexibility there seems no reason to squander that.
But Varejao is the kind of veteran the Magic have stated they desire. He is a guy drafted in the second round — ironically by the Magic — who had to scratch and claw his way into the league. He is an extremely hard worker and hustle guy. Even if he does not play, his presence in the locker room and in practice would be valuable.
The financial implications of acquiring him though are likely too much for the Magic to make this worth it. Especially over the deal that is reportedly on the table with the Clippers or maybe even other that are in discussion.
Frye is not off the Magic yet. He practiced with the Magic on Wednesday and declined elaborating much on his future with the team.
Next: Orlando Magic Trade Value Column
It seems very likely though the Magic will move him before the deadline to shed his salary and will look to minimize the salary they will be on the hook for in 2017.