The Celtics had a fairly quiet start to free agency after coming to terms with Kemba Walker on Sunday night. One additional agreement they did make was helping out former guard Terry Rozier and committing to move him via sign-and-trade to the Charlotte Hornets at some point later this month once the free agent moratorium lifts. There has been a large amount of confusion over the structure of the deal (two-team or three-team?) as currently constituted so let's look at where things stand as of Monday morning and how things could shift in the coming days.
1. It's a straight-up deal for right now (Walker for Rozier): There were rumors about the Celtics extending the deal to a three-team transaction on Sunday night but that did not occur after Al Horford agreed to sign with the 76ers. A three-team trade with Kyrie Irving [and pick(s) being sent to Brooklyn] would have allowed for Boston to stay over the cap and potentially sign Horford with Bird Rights. Since he's leaving, the team isn't necessarily going to pursue that route.
The current deal as composed would involve the Celtics signing Rozier to a three-year, $58 million deal and sending him to the Hornets straight up for Walker. The Hornets need the Celtics to do sign-and-trade because the Hornets only have the mid-level exception ($9.7 million) to spend on free agents, far less than what Rozier wants. The Celtics have Bird Rights on Rozier for now so they can sign him to the bigger deal and send him out for Kemba Walker (who will also be sign-and-traded). The money does not match (Rozier makes half of what Walker will in his next deal), but the Celtics can absorb Walker into cap after they renounce their other free agents (Horford, Irving, Marcus Morris).
2. Does this two-team deal as constituted help the Celtics retain their other free agents or spend more money in free agency?