Fri, Jul 9, 2010 at 11:30pm

LeBRON TO MIAMI, OFFICIALLY

The Miami Heat acquired forward LeBron James from the Cleveland Cavaliers for two future first-round draft picks, a second-round draft pick in 2012, a future second-round draft pick and a trade exception.

What does it give the Miami Heat
After convincing the world's top player to sign as a free agent, Miami gets to give LeBron an extra year on his contract. If he had signed straight up with Miami, James would have been limited by NBA rules to five years on his deal (instead of the six he got by technically signing with Cleveland and getting traded).

What does it give the Cleveland Cavaliers
The Cavaliers wanted no part of this transaction, obviously, but at least get something for losing their best player ever. The key here is the trade exception. It lets the Cavs deal for a player (or players) at any time over the next year earning up to $14.5 Million per season (LeBron's salary number). The exception also lets Cleveland make such a trade without having to send players the other way (and is appealing to trade partners who want to dump big contracts without adding new ones). Meanwhile the draft picks don't look to be very valuable (since Miami will be at the top of the standings--and near the bottom of the first round--for years to come).

Fantasy impact