The Hornets will reportedly receive Spencer Hawes and Matt Barnes.
Yahoo! Sports’ Adrian Wojnarowski first reported the trade. Talks had been ongoing for several days, Wojnarowski reported earlier.
Stephenson, 24, signed a three-year, $27 million contract with the Hornets last July. In early April, he told reporters he was enjoying adjusting to his first season in Charlotte, but that the transition was still “going to take time.” Wojnarowski reported the Hornets have been “desperate” to unload Stephenson since early in the season.
“We are pleased to add a pair of proven veterans to our team,” Hornets GM Rich Cho said, according to the team's release. “Spencer Hawes is an experienced big man whose outside shooting gives us additional flexibility on offense. Matt Barnes is an experienced veteran who knows the NBA.”
In 61 games this season, Stephenson averaged 8.2 points, 4.5 rebounds and 3.9 assists in 25.8 minutes per game. He started 25 of those games for the Hornets, who finished 33–49 and missed the playoffs.
Stephenson, who previously spent four seasons with the Indiana Pacers, has averaged 8.9 points, 4.5 rebounds and 3.3 assists over his career.
Stephenson has two years remaining on his contract, although Charlotte holds a team option of $9.4 million for the 2016–17 season. The five-year veteran is owed $9 million for next season.
Hawes has three years and more than $17 million remaining on the contract he signed with the Clippers in 2014. He appeared in 73 games for the Clippers this season, but started only 15 and averaged 17.5 minutes, his fewest since his rookie season in 2007–08.
Barnes has one year at $3.4 million remaining on his contract, which he signed with the Clippers in 2013. He appeared in 76 games this season, started 74, and averaged 10.1 points and 4 rebounds in 29.9 minutes.
- Mike Fiammetta