What happened: Cleveland acquired Peyton Watson in a completed multi-team sign-and-trade. Denver received an unprotected 2031 first-round pick and a 2032 second-rounder.

Why it matters: Cleveland gains a 23-year-old wing entering his prime. Denver converted a restricted-free-agent decision into flexible draft capital for future moves.

What to watch: Watson's role in Cleveland's 2026-27 rotation will determine the immediate value of the deal. Denver can retain its distant picks or use them in another trade.