The Milwaukee Bucks have reached a deal to acquire George Hill from the Cleveland Cavaliers for John Henson, Matthew Dellavedova and a first-round and second-round draft pick in 2021 in a three-team deal that also includes the Washington Wizards, a person familiar with the transaction told USA TODAY Sports.

The person requested anonymity because he was not authorized to speak publicly until the trade is official.

The Bucks also acquired Sam Dekker from the Cavs, then sent him to the Wizards for Jason Smith and a second-round pick.

In short: the Cavs took on money (the contracts of Henson and Dellavedova, who won a title with Cleveland in 2016) in order to get draft picks. The Bucks freed up money to have more salary cap space in the summer and received an experienced point guard in Hill, who has $1 million guaranteed on his 2019-20 contract.

"We're excited to welcome George and Jason to the Bucks organization," said general manager Jon Horst. "George provides us added depth and experience at the guard position, while Jason gives us another front court player who can stretch the floor."

Henson will make $10.4 million and Dellavedova $9.6 million in 2019-20, and the Bucks get those dollar amounts off their books to have more salary cap flexibility during free agency in July. The Bucks want to add another high-level player alongside Giannis Antetokounmpo and Khris Middleton.

As for the Cavs, they are in clear rebuilding mode following an 0-6 start to the season, the firing of coach Ty Lue and the extended absence of All-Star forward Kevin Love, who is out with a toe injury.

Cleveland is focused on developing its young talent and acquiring more — in the name of draft picks. The Cavs just collected two second-round picks for Kyle Korver and now get another second-round pick and a first-round pick from Milwaukee.

The Cavs at some point will look to trade J.R. Smith, whose contract has value to an opposing team looking to clear cap space for free agency this coming summer. The final year of Smith’s deal is for $15.6 million but just $3.8 million is guaranteed if he is waived by close of business on June 30. The Cavs will want compensation in the form of picks in that deal, too.

"This deal satisfied several important aspects for us in terms of having both long and shorter term benefits and assets involved," general manager Koby Altman said. "We will continue to look for ways to improve and strengthen our position for the future, while enhancing our ability to compete and grow in the short-term also."

Follow Jeff Zillgitt on Twitter @JeffZillgitt.