The Cavs traded forward/center Anderson Varejao and a protected future first round draft pick to the Portland Trail Blazers in exchange for a second round pick. The Cavaliers then traded the second round pick and guard Jared Cunningham to the Orlando Magic in exchange for Frye.
"Anderson is a special player, teammate and person," said Cavs General Manager David Griffin. "Few players have earned the respect, support and admiration of an entire organization, fan base and community as Andy did here. Those are all things that made this a difficult deal to do. At the same time, we have a deep obligation to do whatever we can to reach our ultimate goal and we believe this was a deal that improves our team now and positions us better in the future, as well. We thank Andy for his hard work, dedication and contributions to the Cavaliers and our community and wish him and his wife, Marcelle, the very, very best."
Playing in his 10th NBA season, Frye has appeared in 44 games (29 starts) for Orlando, averaging 5.2 points and 3.2 rebounds in 17.1 minutes per game. He is also shooting .397 from the three-point line and .905 from the foul line. Over his career, the 6-11 forward has played in 701 games (420 starts) with New York, Portland, Phoenix and Orlando, averaging 9.3 points and 4.9 rebounds in 24.1 minutes per game. He is a career .387 shooter from beyond the arc, which includes .404 shooting on catch-and-shoot threes over the last two seasons (446 attempts).
"Channing Frye is someone we know well. His length, floor spacing ability and locker room presence will impact us positively," said Griffin. "He is a great fit with our group, both on the court and off, and we look forward to Channing, his wife, Lauren, and their children, Hendrix and Margaux, joining us here in Cleveland."
Varejao has spent his entire 12-year NBA career with the Cavaliers and holds career averages of 7.6 points on .512 shooting from the field and 7.5 rebounds in 25.0 minutes over 591 games (208 starts). Among franchise leaders, he ranked third in offensive rebounds (1,479), fifth in defensive rebounds (2,955), fifth in total rebounds (4,434), seventh in games played, tied for seventh in blocks (397) and eighth in steals (529). In 2015-16, Varejao has appeared in 31 games with averages of 2.6 points and 2.9 rebounds in 10.0 minutes.
Cunningham, who signed on as a free agent after the 2015 Cavs training camp, appeared in 40 games (three starts) for the Cavs this season and averaged 2.6 points and 0.7 rebounds in 8.9 minutes per game.
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