Originally posted on Waiting For Next Year  |  Last updated 7/25/12

The Cleveland Cavaliers have acquired point guard Jeremy Pargo, Memphis’ 2014 second round draft pick and cash considerations from the Memphis Grizzlies in exchange for guard/forward D.J. Kennedy.

“Our approach remains consistent as we try to bring in young talent, create future opportunity with draft picks as potential assets and maintain flexibility,” said Cavaliers General Manager Chris Grant. “Jeremy adds depth to our backcourt. He is a young, aggressive, athletic guard who we feel fits well with our style of play, both defensively and offensively. We look forward to welcoming him to Cleveland.”

Likely serving as a back-up to reigning Rookie of the Year Kyrie Irving going forward, Pargo, 26, played in 44 games (five starts) with Memphis last season, averaging 2.9 points and 1.3 assists in 9.7 minutes per game after signing with the Grizzlies as an undrafted free agent. In the 2010-11 season, Pargo appeared in 32 games for Maccabi Electra Tel-Aviv of the Israel Premier League and averaged 10.0 points, 3.5 rebounds and 6.3 assists in 27.1 minutes per game. He also appeared in 22 Euroleague games, averaging 13.0 points, 3.5 rebounds and 4.3 assists in 29.4 minutes per game.

He also did this roughly one week ago.

Kennedy appeared in two game for the Cavs last season and averaged 6.0 points, 3.5 rebounds and 1.5 assists in 29.5 minutes per game after being signed by Cleveland on April 21, 2012.

[Related: NBA Trade Rumors And The Dan Gilbert Narrative]

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