Not sure about draft compensation, it's not my area of expertise, but I could see this for all sides.

The Cavs need more wing size/scoring, and the two center lineup hasn't been working. Their best lineups had either Allen/Mobley, not both.

The Magic have telegraphed Carter's availability, they've paid everyone else. By trading for Lavert, they get a little wing size/scoring, but also an expiring cap figure they can use to sign Banchero when he's extension eligible.

The Pelicans need two centers, a starter and a backup. This gets them two quality centers on reasonable deals. They'll likely need to give up more picks to make this happen.