Cavaliers:
Acquire LeBron James for 1-2 years of a title push (and LeBron gets to return to Cleveland)
Manages to shed enough salary to duck the second apron for the coming season
Swaps out Jarrett Allen for Walker Kessler, similar player types, although Allen is better, Kessler is younger and much cheaper while still on his rookie deal.
Loses Garland as main piece for LeBron, has Lonzo Ball there as an alternate PG option along with Craig Porter Jr./Sam Merrill.
Can extend Merrill for reported 4 years/$38 mil after completing trade using Bird Rights, which will take them back over second apron but allow them to complete this move and keep Merrill.
Loses Strus and Dean Wade as well as Okoro with Okoro/Ball trade but LeBron/Hunter is a good wing rotation with KJ Martin as a potential reserve, along with other potential minimum contract additions.
Have flexibility to dump KJ Martin's expiring deal to later duck second apron if they so choose.
Necessary for them to duck second apron in this deal since current apron teams cannot aggregate salaries while over the second apron. However, if Cleveland sheds enough salary to get under the second apron they can aggregate the Garland/Allen contracts for LeBron's $52 million.
Cleveland adds additional long term cap flexibility in getting rid of Garland/Allen contracts which both span 3+ years and can more easily retool around Mitchell/Mobley when LeBron inevitably retires.
Cleveland gives LA its 2031 1st due to acquiring LeBron James as centerpiece of the deal as well as the massive long term salary its shedding in the trade.
Lakers:
Allows Lakers to build for future around Luka Doncic by acquiring a long-term center in Jarrett Allen.
Sheds LeBron's $52.6 million and acquires Clarkson and Collins who both have expiring deals, allowing them the room to resign Reaves and still explore a max contract slot in 2026 free agency.
In the short term Clarkson will be a reliable 6th man scorer and someone who can run the offense off the bench and Collins can be a lob threat/floor spacing big alongside Allen in larger lineups--depth is greatly increased.
With DFS likely opting out and leaving the cap stuff here is inaccurate, Lakers will be able to get under luxury tax threshold and have full non-tax MLE to add another rotation piece in FA, which no longer has to just be a center due to Jarrett Allen acquisition.
LA could include Kleber/Vincent as an expiring to Utah to give additional flexibility, or not take the Clarkson contract and instead opt for a younger piece with some upside like Isaiah Collier or Keyonte George.
Nets 2031 Cleveland 1st due to losing LeBron James and likely being less competitive in year 1, even though this gives them immense long-term upside and flexibility, while creating a deeper roster.
Jazz:
Jazz acquire Darius Garland as an All-Star level starting guard who can lead the Utah offense along with Ace Bailey and Lauri Markkanen as they try to expedite their rebuild.
Utah has the salary flexibility to take on Garland salary plus Strus/Dean Wade from Cleveland, who can both be shooters and rotational pieces on the wing which is Utah's weakest position currently.
Sheds significant expiring money which likely would only be used as trade chips anyways so not much of a loss.
Loses Kessler as a long-term building block but Utah already has a deep frontcourt and even without Kessler/Collins they can play Markkanen at the 4 next to Bailey and now have acquired Nurkic at the 5.
Gives more opportunity for younger players like Cody Williams and Taylor Hendricks to break into Utah's rotation.
Still has long-term cap flexibility to add secondary players around Garland/Bailey/Markkanen, but if all goes right this could be a core that contends in the West in a couple years with a few additions.