The Brooklyn Nets and the Boston Celtics have agreed in principle to trade future Hall of Famers Kevin Garnett and Paul Pierce after Garnett agreed to waive his no-trade clause.
Garnett waived his no-trade clause after the Nets agreed to fully guarantee the $12 million owed him for the 2014-15 season, the third year of his contract. Prior to the agreement, the Nets could have bought out Garnett for $6 million.
Garnett approve the deal so he can join his close friend, Pierce, in Brooklyn where they could play for longtime rival Jason Kidd.
The trade can't be made official by the NBA until July 10.
The trade comes with a heavy cost for the Nets: They face a luxury-tax bill of nearly $80 million. Their payroll will be close to $100 million.
Nets will send Gerald Wallace, Kris Joseph, the expiring deal of Kris Humphries and three future first-round picks (2014, '16 and '18) to the Celtics.
Celtics guard Jason Terry joins Garnett and Pierce in the package going to the Nets, sources said. The Nets also will send back Reggie Evans and do a sign-and-trade involving Keith Bogans, a source said.