In a trade with the Golden State Warriors, the Jazz acquire small forward Richard Jefferson, center Andris Biedrins and shooting guard Brandon Rush.
The Jazz will also receive Golden State's first round draft picks in 2014 and 2017. The 2014 draft is considered to be the deepest in nearly a decade.
The trade cannot become official until July 10th.
Jefferson is scheduled to make $11 million this season, Biedrins will make $9 million, while Rush is set to make $4 million. All three players have expiring contracts.
Jefferson has played 12 seasons in the NBA with the Nets, Bucks, Spurs and Warriors. He has career averages of 15.0 points and 4.7 rebounds per game. He just turned 33 years old.
Biedrins, a 7-foot, 240-pound center, has played his entire 9-year career with Golden State. Known as a defensive specialist, Biedrins has career averages of 6.1 points, 7.1 rebounds and 1.1 blocks per game.
Rush is a 5-year veteran who has played with Indiana and Golden State. He tore his ACL last year and played in just two games for Golden State, but he is a career 41% 3-point shooter, averaging 9.1 points per game.
The three expiring contracts, worth $24 million will give the Jazz tremendous flexibility at the trade deadline and in the 2014 free agent market.
However, this deal almost certainly means the end of Paul Millsap's career with the Jazz. He has played his entire 7-year career with the Jazz, averaging 12.4 points and 7.0 rebounds per game.
In exchange, the Jazz are sending 2012 second round pick Kevin Murphy to Golden State.