The Cleveland Cavaliers are part of a three-team trade that will send Jarrett Jack and Sergey Karasev to the Brooklyn Nets and Tyler Zeller to the Boston Celtics, ESPN's Marc Stein reports.

Three-team trade will see Nets acquire Jarrett Jack and Sergey Karasev from Cleveland. Boston gets Thornton, Zeller and a first — Marc Stein (@ESPNSteinLine) July 9, 2014

It may not sound like a blockbuster deal, but its implications are huge. By dumping three contracts, the Cavs now have enough cap space to sign free agent LeBron James to a max contract. Per ESPN's Brian Windhorst, the trade could give Cleveland up to $24 million in cap space, while James' max is $20.7 million.

3-team trade involving Cavs, Celtics & Nets could allow Cavs to open about $24M in cap space. LeBron max is $20.7M — Brian Windhorst (@WindhorstESPN) July 9, 2014

After days of heavy speculation but few actual moves, this could potentially open the NBA free agency floodgates. We'll be following and updating this story as it develops.