What happened: Cleveland Cavaliers general manager Mike Gansey has agreed to become the new president of basketball operations for the Philadelphia 76ers, ESPN's Shams Charania reported. Gansey rose through the Cavaliers' front office after joining the organization in 2011-12, and now takes the top basketball job in Philadelphia.

Why it matters: The move hands the 76ers control of their basketball operations to one of the architects behind Cleveland's deep playoff run, and it opens a significant vacancy atop the Cavaliers' front office. For Philadelphia, landing an executive who helped build a perennial Eastern Conference contender signals a clear bid to reset its leadership and direction.

What to watch: Watch for how the Cavaliers fill their general manager opening and which staff, if any, follow Gansey to Philadelphia as he assembles his front office.