The Cleveland Cavaliers bolstered their backcourt on Monday night after acquiring Iman Shumpert and J.R. Smith in a three-team deal involving the New York Knicks and Oklahoma City Thunder.

The Cavaliers acquired Shumpert and Smith along with a protected first-round pick from Oklahoma City by giving up Dion Waiters, who was sent to the Thunder. The Cavaliers also parted ways with Alex Kirk and Lou Amundson, who was dealt to the Knicks along with a 2019 second-round pick.

As part of the three-team trade, the Knicks also acquired Lance Thomas from the Thunder, who will lose the first-round pick that they gave up if it falls outside of the top 18 this year or outside of the top 15 in the next two years. Should the Thunder retain the draft pick, Cleveland will get two second round picks in 2018.

Cavaliers general manager David Griffin said parting ways with Waiters was a hard decision for the organization, but he expressed confidence that Shumpert and Smith will help them reach their goal this season.

Shumpert, who is currently out with a dislocated shoulder, is expected to provide boost on the defensive end of the floor, while Smith could be their main scoring option off the bench.

"Trades like this are always difficult to make because there are relationships and bonds built, and that was the case with Dion," Griffin said in a statement. "At the same time, we're very excited to welcome Iman and J.R. to Cleveland. With their size and versatility, we think both Iman and J.R. can help our team on both ends of the court."

On the other hand, Thunder superstar Kevin Durant expressed excitement over Waiters' arrival. The reigning Most Valuable Player said Waiters could play the role James Harden left when he was traded to the Houston Rockets before the 2012-13 NBA season.

"I am not saying he's James' replacement because we're far past that, but he can play," Durant said of Waiters via Yahoo Sports. "He can come off the bench for us and score and make plays. He is a really good player. A lot of people take him for granted, I think."

The Knicks did not receive a marquee player in the deal as they are only looking to shed salary to make a run at big-name free agents in the offseason. ESPN reported the deal gave them around $30 million of cap space next summer.

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