The trade that is sending Rajon Rondo to the Cleveland Cavaliers is a three-team deal.

The Los Angeles Lakers confirmed Monday that Cleveland sent Denzel Valentine to the New York Knicks, with Rondo headed to the Cavaliers. In exchange, the Lakers got the draft rights to Louis Labeyrie, and the Knicks received the rights to Brad Newley and Wang Zhelin and cash from L.A.

Valentine's time with the Knicks will be short-lived, though, as Shams Charania of The Athletic and Stadium reported New York will waive him.

ESPN's Adrian Wojnarowski reported New York will get $1.1 million in the trade.