Adrian Wojnarowski of Yahoo Sports reports that the Cleveland Cavaliers have swung a three-team trade for Antawn Jamison.

Cavs get Jamison and Telfair, Clippers get Drew Gooden and Wash gets Illgauskas, Al Thornton and Brian Skinner and Cavs 1st round pick.

So the Cavs essentially landed Jamison at the cost of Ilgauskas, taking on Telfair’s contract ($2.7 million next season), and their first round pick, which will be very late in the first round. This is an even sweeter deal than the Hickson/Z-for-Jamison swap that has been rumored for weeks. The proposed Amare Stoudemire deal with the Suns either 1) fell through because the Suns wouldn’t pull the trigger quickly enough, or 2) the Wizards willingness to take a pick instead of Hickson convinced the Cavs to trade for Jamison instead. Either way, the Cavs got a good player in the deal. He’s 33 and has a bad contract (2 yrs, $28.4 million), but he’s playing at a high level (21-9, 45% shooting) and gives the Cavs the “stretch 4” they’ve been coveting for months. He’ll be a nice matchup for both Rashard Lewis and Kevin Garnett because he’s comfortable playing defense on the perimeter.

The Suns were holding out for a better offer, but now the only suitor left standing appears to be the Heat. It’s going to be interesting to see if Stoudemire is moved before the deadline tomorrow. The team has reportedly told Stoudemire to suit up to play tonight, so no deal is imminent.

The Clippers will save $5.5 million on their 2010-11 payroll, so they’ll project to have more than $16 million* in cap space this summer (or enough to sign a big-name free agent). They are now legit threats to sign a star like Joe Johnson, who would look very nice in a lineup of Baron Davis, Eric Gordon, Blake Griffin and Chris Kaman. I can’t believe I’m saying this, but it’s a savvy move by GM Mike Dunleavy.

And finally, the Wizards will trim $10.6 million from next year’s payroll, giving the team around $9 million* in cap space (with Gilbert Arenas’s deal still on the books). They also get Al Thornton, who has struggled thus far in his career. While he did average almost 17 points last season, his PER has never risen above 13.00, which means he’s not a very efficient player. GM Ernie Grunfeld continues to make perplexing trades. He has moved Caron Butler and Jamison and all he has to show for it are a couple of borderline starters (Josh Howard and Thornton), a late first round draft pick and some cap space.

* assuming a salary cap of $50 million

Update: Brian Skinner is not a part of the deal, according to Ric Bucher.

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