If Bynum is still on Chicago's roster after 5 p.m. Tuesday, he would be guaranteed more than $6 million for the remainder of the season. Dealing away Deng and then waiving Bynum would create a $15 million savings for the Bulls and get them under the salary cap, according to ESPN.com.
He was an All-Star each of the previous two seasons, and he made the NBA's All-Defensive Second team in 2011-12.
"We are very excited for Luol to join the Cavaliers organization, " Cleveland general manager Chris Grant said in a press release. "We have worked to acquire and maintain flexibility in order to capitalize on opportunities such as this. Luol reflects all that we are striving for in building our team. He's a tremendous defensive player that can impact the game on both ends of the court with a team first mentality and is a high character leader."
As part of the deal, the Bulls receive a first-round pick that used to belong to the Sacramento Kings. According to ESPN.com, the pick is top-10 protected over the next two seasons. Chicago also gets the Portland Trail Blazers' second-round picks in the 2015 and 2016 drafts. All three of those picks were acquired by Cleveland in previous deals.