The Cleveland Cavaliers, Oklahoma City Thunder and New York Knicks completed a three-team trade involving six players on Monday, with the injury-hit Cavs (19-16) acquiring guards Iman Shumpert and J.R. Smith from the Knicks.
Cleveland announced it had also received a protected 2015 first-round pick from the Thunder.
In turn, the Cavs sent guard Dion Waiters to the Thunder (17-18), and Lou Amundson and Alex Kirk to the Knicks.
Cleveland also sent a 2019 second-round draft pick to New York. The Knicks (5-32) also got forward Lance Thomas from Oklahoma City.
Waiters, the fourth pick in the 2012 draft, has averaged 10.5 points for the Cavs this season.
He joins a Thunder team which has moved into playoff contention in the powerful Western Conference since reigning NBA MVP Kevin Durant returned after missing the first 17 games of the season.