In return, the Bulls received three draft picks and center Andrew Bynum, and officially placed him on waivers Tuesday. Yahoo Sports reported Deng rejected a three-year, $30 million contract offer from the Bulls before he was dealt.
The Bulls received Bynum, Cleveland's rights to the Sacramento Kings' first-round draft pick, the right for Chicago to swap its own 2015 first-round draft pick with the Cavs own 2015 first-round draft pick (top 14 protected) and the Portland Trail Blazers' 2015 and 2016 second-round draft picks acquired by the Cavaliers in a 2013 draft night trade.
Had Bynum remained on Chicago's roster after 5 p.m. Tuesday, he would have been guaranteed more than $6 million for the remainder of the season.
Dealing away Deng and then waiving Bynum creates a $15 million savings for the Bulls and get them under the salary cap. The Bulls are also reportedly considering using the amnesty provision to release forward Carlos Boozer, but making that move now would not immediately benefit the cap or luxury tax situations for the Bulls. Boozer's salary would still be paid and be on the books for two seasons.
If Bynum goes unclaimed, he becomes a free agent and is reportedly targeting the Miami Heat as a destination.
Anderson, the team's top scorer, was taken to the locker room on a stretcher after a collision Firday night in Boston with Gerald Wallace. Anderson, who was taken with a collar for evaluation of a cervical stinger, was hospitalized and remained in Massachusetts when the Pelicans boarded a plane for Indiana.
Anderson missed the first nine games with a chip fracture in the second toe of his right foot. He is averaging a career-high 19.7 points per game. He won the NBA's Most Improved Player award in 2011-12.
Lee and a 2016 second-round pick wind up with the Grizzlies, who parted with Bayless in a much-discussed swap first reported to be in the works last week.
The Thunder sent forward Ryan Gomes to Boston and received cash considerations as well as two conditional second-round picks.
Williams was treated with a cortisone shot in the ankle joint, as well as platelet rich plasma (PRP) injections into the lateral ligaments of the ankle. In addition, Williams received a PRP injection into his right ankle and a cortisone injection into his right ankle joint to relieve inflammation.
Williams, who will miss Wednesday's game against Golden State, is currently in a walking boot and will be re-evaluated at the end of the week.
--The Philadelphia 76ers waived center Daniel Orton. Orton (6-10, 255) signed as a free agent with the 76ers on Oct. 16, 2013 and appeared in 22 games with four starts. He averaged 3.0 points, 2.8 rebounds and 11.4 minutes per game in his third pro season.
--The Los Angeles Lakers have waived forward Shawne Williams. Williams, originally selected by the Indiana Pacers in the first round of the 2006 NBA Draft, signed with the Lakers on Sept. 3, 2013. In 32 games (11 starts) this season, the 6-foot-9 player out of Memphis University averaged 5.2 points, 4.5 rebounds and 0.9 assists in 20.2 minutes.
--The Memphis Grizzlies have recalled guard Jamaal Franklin from their NBA Development League affiliate, the Fort Wayne Mad Ants, the team announced Tuesday. Franklin (6-5, 191) was assigned to Fort Wayne on Jan. 5.