Woj: Knicks dealing J.R. Smith and Iman Shumpert

Update: New post is here.

MOMENTS before tip-off we have a deal. J.R. Smith was in the starting lineup tonight against Memphis, but instead, he's part of a three-team deal with the Cavaliers and Thunder:

New York is sending J.R. Smith to Cleveland, league sources tell Yahoo Sports.

— Adrian Wojnarowski (@WojYahooNBA) January 6, 2015

Here's the rest of it, as far as we know for now:

Three Cleveland players, including Waiters, on the way out, league sources tell Yahoo Sports. There's a trade call set for later tonight.

— Adrian Wojnarowski (@WojYahooNBA) January 6, 2015

Three Cleveland players, including Waiters, on the way out, league sources tell Yahoo Sports. There's a trade call set for later tonight.

— Adrian Wojnarowski (@WojYahooNBA) January 6, 2015

This probably ends up with the Knicks getting the NBA equivalent of nothing -- not Reggie Jackson, not Dion Waiters, just some contracts -- in return while the Thunder and Cavs swap actual assets.

The reasons to trade J.R. Smith are clear: The Knicks don't like him in the Triangle and don't want to keep him around, but worry he'll pick up his $6.4 million player option.

Update: SHUMP TOO!?

Along with Waiters, New York is sending Iman Shumpert to the Cavaliers, league sources tell Yahoo Sports.

— Adrian Wojnarowski (@WojYahooNBA) January 6, 2015

Update:

We are hearing Knicks won't be getting any roster players back in this deal. It's all for clearing cap space. JR had opt out.

— Marc Berman (@NYPost_Berman) January 6, 2015

Sam Dalembert is not in the deal. He will be waived today.

— Steve Popper (@StevePopper) January 6, 2015

Update: Space. So much space.

Knicks will get lance Thomas, Alex Kirk and Lou Amundsen in the deal - expected to waive all three. Also getting future second rounder.

— Steve Popper (@StevePopper) January 6, 2015