The Milwaukee Bucks have officially acquired guard Matthew Dellavedova in a sign-and-trade with the Cleveland Cavaliers. The Bucks and Cavaliers both issued press releases confirming the deal on Thursday.

Originally, Dellavedova agreed to a four-year, $38.5 million deal with Milwaukee. Rather than him signing an offer sheet, though, the two teams agreed to a sign-and-trade that will give Cleveland a $4.8 million trade exception. The Cavs also acquired the rights to forward Albert Miralles, who will all but certainly never play in the NBA.

"We wish Delly the best as he continues his career in Milwaukee," Cleveland general manager David Griffin said in a statement. "Delly is a special person on and off the court and was a very dedicated, hard worker that grew as part of our team and made significant contributions to our success. Our coaches and his teammates will always appreciate his 'all in' approach to the game, as he was ready to contribute whenever his number was called. We know he will continue to grow and succeed as he takes the next steps of his NBA journey with the Bucks."

Matthew Dellavedova in Milwaukee
Delly is officially a Buck. USATSI

Dellavedova, who wrote a letter to Cleveland as he leaves as an NBA champion, should fit in well with the Bucks because of his spot-up shooting and energy on defense. Giannis Antetokounmpo is expected to remain Milwaukee's primary playmaker next season. The Cavs either need to add a backup point guard in free agency or give Dellavedova's minutes to rookie Kay Felder.

Fans don't get excited about trade exceptions, but they can become significant. On Wednesday, Cleveland used a trade exception to acquire Mike Dunleavy from the Chicago Bulls. That was the Cavs' motivation to do it this way rather than just letting the Bucks sign Dellavedova to an offer sheet and declining to match it.