Along with Valentine, the Knicks are acquiring $1.1MM in cash in the deal, according to ESPN’s Adrian Wojnarowski, who says New York will give up the draft rights to Louis Labeyrie and will acquire the draft rights to two other players, though none of them are expected to ever play in the NBA.

While we still need some gaps filled in here, I suspect it’s the Lakers – not the Cavs – sending the cash to New York and acquiring Labeyrie’s rights.

New York will decide soon on whether to waive Valentine or have him remain on the roster, Woj adds. As noted below, the Knicks will have to cut a player – likely Selden – in order to complete the deal.