UPDATE: Dwight Howard deal done, buyout details still unknown

The deal is done, but not all the details have been released.

Shams Charania was first to report the Nets and Hornets had officially agreed to the terms of the teams’ trade. Timofey Mozgov; the draft rights to Hamidou Diallo; the Nets 2021 second round pick and cash considerations go to Charlotte in return for Dwight Howard.

Friday was the end of the NBA’s free agency moratorium, the first day the deal could be made official. Later, Keith Smith of RealGM tweeted that the Nets had renounced their rights to Jahlil Okafor, Dante Cunningham and James Webb III, apparently clearing space for their next move.

Finally, just as the Nets-Magic summer league game began, Adrian Wojnarowski tweeted that the Nets and Howard had agreed to a buyout, but didn’t provide details.

The Nets officially announced the deal —and that they had requested waivers on Howard— at 7:30 p.m.

The more money Howard gives up in a buyout, the more cap space the Nets will have to finish up their 2018 off-season moves ... or to hold until the February trade deadline.

The Nets currently have about $6.6 million in cap space. If the buyout is within standard parameters —around 65 to 70 percent of the remaining contract— the Nets would add around $8 million, giving them nearly $15 million in cap space. But word is that Howard doesn’t wan to give up more than the $5.3 million or around $12 million.

One deal long rumored would require the Nets to take on Denver big Kenneth Faried’s expiring $13.7 million deal in return for a draft pick, likely a future first rounder, or a young player.

For the Nets, the big lure in the deal was dumping Mozgov’s $16.7 million contract in 2019-20. By doing so, they increased the cap space next summer, perhaps as high as $70 million. The Nets also have their own first round pick in 2019.

And of course what would a trade be without a tribute video...

• Hornets Acquire Mozgov, Two Second-Round Draft Picks From Nets - Charlotte Hornets