What happened: The agreement comes days after Cleveland began exploring trades involving Dennis Schroder and Max Strus. It is the Cavaliers' first move from those discussions.
Why it matters: Cleveland pursued those options to create room for a possible four-year Peyton Watson offer. The transaction advances that salary-clearing effort while bringing back another guard.
By the numbers: Charlotte would be Schroder's 12th NBA team, leaving him one shy of tying the league record.
What to watch: Watch for the agreement to be completed and whether Cleveland moves forward with Watson or another Max Strus trade.