New York Knicks trade Raymond Felton to the Cleveland Cavaliers for a 2015 2nd round pick.
As mentioned earlier, Felton has a chance of jail time for felony gun charges. That and his sub-par play this past season caused his value to drop significantly. A 2015 2nd round pick, as projected here, may even be too much. A 2016 2nd round pick would be more realistic, but the Cavs want to construct a roster to win now and have the roster space to absorb his $4.3 million in 2014-15 and $4.5 million player option for 2015-16.
With the potential trade of Jarrett Jack to the Brooklyn Nets for Marcus Thornton that appears close to being done, it would leave Cleveland without a backup point guard behind Kyrie Irving. It would be cheap compensation for someone who could be an okay backup.