With the move, the Cavs trim their final roster size down to 15 with the season set to begin on Tuesday.
"These situations and decisions are some of the toughest to be in and have to make", said Cavaliers general manager Koby Altman.
The Cavaliers also sent the Hawks $3 million but will save $12.8 million in luxury tax payments by making the deal, ESPN reported. A member of the Cavaliers' 2016 National Basketball Association championship team, Jefferson appeared in 35 postseason games for Cleveland and averaged 4.8 points and 2.8 rebounds in 16.0 minutes. The move was expected, since the Cavaliers need to dispose of at least one guaranteed contract before their season-opener against the Boston Celtics on October 17.More news: Southwest Airlines makes it official: Hawaii service on the way
Finally. Cleveland Cavaliers were one of the most active teams in the offseason, and they want to have one spot open for the season. Jefferson spent the last two years with the Cavaliers, averaging 5.7 points and 2.6 boards in 79 games as a reserve last season.
The Cavs received the draft rights to European forward Dimitrios Agravanis and guard Sergey Gladyr. Felder, 22, averaged 4.0 points and 1.4 assists in his first National Basketball Association season.
Valuable veteran Richard Jefferson has been traded from Cleveland to Atlanta and waived. The Hawks basically bought the second-round picks for the money they'll pay Jefferson and Felder to not play. He started in Game 3 of the 2016 National Basketball Association finals in place of the injured Kevin love and provide nine points and eight rebounds in 33 minutes of play that helped the Cavs get their first win of the series.
Agravanis and Gladyr are both overseas, playing for powerhouse Olympiacos of the EuroLeauge and AS Monaco Basket of the French LNB Pro A, respectively.