The Nets will acquire Michigan shooting guard Caris LeVert from the Indiana Pacers after Brooklyn traded Thaddeus Young to Indiana earlier in the day for the No. 20 draft pick.
The Pacers sent their first-round pick to the Nets on Thursday, hours before the draft began, a person with knowledge of the deal told The Associated Press. The person spoke on condition of anonymity because the deal could not be announced until the NBA salary cap goes up in July.
LeVert had each of his last two seasons cut short by injuries to his left foot. He has had three surgeries the last two years, including one in March at the Hospital for Special Surgery in New York. He was at Barclays Center, the home of his new team, dressed in Michigan maize and blue and got a big ovation from the fans when his name was announced as Indiana's pick.
LeVert averaged 16.5 points in 15 games as a senior last year and 14.9 in 18 games as a junior.
The Nets are starting a major rebuild under new general manager Sean Marks and new coach Kenny Atkinson, but had no first-round pick in Thursday night's draft. The Celtics hold the Nets' pick, No. 3 overall, as Brooklyn (21-61 last season) continues to pay for the 2013 trade that brought Paul Pierce and Kevin Garnett to New York. Picking up a first-round draft pick gives the Nets another asset to either use for their roster or peddle in trade offers going forward.
The Nets will also receive a future second-round pick from the Pacers.
It's the second big move this week by Pacers President Larry Bird as he looks to retool the team and make it a faster, sleeker group for new coach Nate McMillan. The Pacers landed point guard Jeff Teague in a three-team trade with Atlanta and Utah that sent George Hill to the Jazz on Wednesday.
Young is a versatile steals artist who averaged 15.1 points with the Nets last season. He signed a four-year, $50 million deal with the Nets last summer and Marks had said the 28-year-old was part of the team's plans for the upcoming season.
Instead, he flipped Young to get back into the first round. The Nets are still on the hook with the Celtics for the next two seasons. Next year Boston has the right to swap first-round picks with Brooklyn and the Celtics own the Nets' 2018 first-rounder, too.
The Nets also hold the 55th overall selection in Thursday's draft. The Pacers still have a second-rounder, No. 50 overall.
AP Basketball Writer Jon Krawczynski contributed to this report.