NBA: Boston Celtics at Chicago Bulls
NBA: Boston Celtics at Chicago Bulls Reuters

Luol Deng's time with the Chicago Bulls is over-- a sign that Chicago is joining teams in tank mode this season.

According to Brian Windhorst of ESPN.COM the Cleveland Cavaliers have acquired small forward rom the Bulls in a deal agreed upon by both teams late Monday. The Bulls will be receiving Andrew Bynum and future picks from Cleveland.

The Cavs will send Andrew Bynum and a draft pick to the Bulls for Luol Deng.

— Brian Windhorst (@WindhorstESPN) January 7, 2014

Bulls did well with picks, will get a 1st rounder the Cavs own from Sacramento, limited 1st swap rights from Cavs in 15, 2 2nd round picks. — Brian Windhorst (@WindhorstESPN) January 7, 2014

It sort of a coup for the reeling Bulls who most likely outbid the Los Angeles Lakers—offering Pau Gasol and the Utah Jazz—offering Richard Jefferson, both of which were also interested in saving money off the Bynum semi-guaranteed contract.

It appears to be a win-win trade for both squads.

The Cavs now have a legit small forward—albeit on a rental as Deng’s contract expires after this season— to pair with Kyrie Irving, who wants to make a playoff run with this season. Deng averaged 19.0 points, 6.9 rebounds and 3.7 assists in 23 games for the Bulls this season.

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Bynum is expected to be waived by the Bulls, which will save about $15M and go under the luxury tax, plus they gain assets in form of the future picks. With Derrick Rose injured, it also appears that the Chicago front office have chosen to give up on the season rather than make the playoffs.