Andrew Bynum is headed to Chicago. (David Richard / USA Today)

Updated at 4 p.m. with Bynum waiver

The Cleveland Cavaliers have shipped off Andrew Bynum, trading him early Tuesday to the Chicago Bulls for Luol Deng.

Owner Dan Gilbert announced the deal, tweeting just before 1 a.m.:

The deal beats a deadline by which the Cavs had to guarantee Bynums’s full contract for the season and unloads a player who was suspended last month for “conduct detrimental to the team.” The Cavs also gave up three draft picks (via’s Mary Schmitt Boyer): the right to the Sacramento Kings’ first-round pick (which is top-12 protected in 2014, top-10 protected from 2015-17 and becomes a second-round pick if not used by then) and two second-round picks the Cavaliers had acquired from the Trail Blazers in 2015 and 2016. The Bulls also have the right to trade their 2015 pick with the Cavs if Cleveland’s pick is between 15 and 30.

In Deng, the Cavs are getting a player who has been an all-star the last two seasons and who will be a free agent after the season. Trading him now ensures that the Bulls, whose hopes for this season ended when Derrick Rose tore his meniscus, receive compensation for Deng.

”We have great respect for Luol Deng, as a player and a person. He has been an incredible contributor to our team on the court, and he has also done great things in the community,” Bulls General Manager Gar Forman said in a statement. ”On behalf of the entire Bulls organization, I want to thank Luol for his years in Chicago.”

Bynum has been brittle, missing all of last season with knee injuries when he was with the Philadelphia 76ers as his changing hairstyles got more attention than his hoops. The Bulls, as expected, then waived Bynum late Tuesday afternoon, before the second half of his $12.3 million contract became guaranteed. With that move, the Bulls fall below the luxury-tax threshold and save close to $15 million.