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NETS TRADE BOGDANOVIC, MCCULLOUGH TO WIZARDS FOR NICHOLSON , THORNTON & FIRST-ROUND PICK

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Brad Penner-USA TODAY Sports

Adrian Wojnarowski reports the Brooklyn Nets have traded Bojan Bogdanovic and Chris McCullough to the Washington Wizards for Andrew Nicholson, Marcus Thornton and a 2017 first-round draft pick.

Zach Lowe noted there are protections on the pick, but barring a Wizards collapse, they shouldn't effect the pick.

The deal, which was officially announced just before 9 p.m. ET, should give the Nets two first rounders, the Wizards at No. 24 and the Celtics at No. 27, as of now. The addition of the second first rounder gives the Nets another asset, to either use in June, combine with the Celtics pick or trade.

The Nets, however, have to take on Nicolson's contract, which will pay him $13 million over the next two years as well as a player option for nearly $7 million in 2019-20.  Nicholson, a 27-year-old 6'9" power forward, makes $6.1 million this year.  He is currently averaging 2.5 points in 28 games.  He previously played for Orlando and is a member of the Canadian National Team.

Thornton is expected to be waived.  It's his second go around with the Nets.  He's averaging 6.6 points in 33 games.  He played with the Nets in 2013-14.  The 29-year-old is on an expiring contract, a vets minimum deal worth a little less than $1 million.

The Nets cap space will be somewhat affected by the trade.  Bogdanovic and McCullough earn $4.7 million this year, Nicholson and Thornton $7 million, a difference of $2.3 million. The Nets, will have roughly $13.5 million in cap space once the deal is completed.  They are still more than $4 million under the salary cap floor, according to The Vertical.

Bobby Marks laid out the implications for the Nets cap situation this summer.

Neither of the two newly acquired players have the offensive firepower of Bogdanovic or the potential of McCullough, but the Nets apparently felt the need to pick up draft picks, particularly in this year's draft.

In his third year with the Nets, Bogdanovic is averaging 14.2 points a game and has been one of the Nets most durable players but his inconsistency and lack of defense hurt him. Also, he is a restricted free agent likely to garner an eight-figure contract.  The Wizards will now have the right to match any offer.

McCullough has played almost all of this year with the Long Island Nets, where he excelled but never got many minutes with the big club.  At 6'10" and 212 pounds, there were also questions about his ability to play the stretch 4 in the NBA.