The New York Knicks and Brooklyn Nets agreed on a trade that sent Mikal Bridges to the Knicks on Tuesday night, according to ESPN's Adrian Wojnarowski.

The Nets received a massive haul for the two-way forward, as the Knicks gave up four unprotected first-round picks. New York also sent a 2025 protected first-round selection as well as an unprotected pick swap in 2028 (via Wojnarowski).

Per ESPN's Bobby Marks, the Knicks have $140 million in committed salary after the trade. The Nets have roughly $169 million in total cap allocations for the 2024-25 season following the deal, via Spotrac.

New York still owns three picks in the 2024 NBA draft, holding the No. 24 and No. 25 selections in the first round as well as the No. 38 overall pick. Despite the large increase in Brooklyn's draft capital, the team does not own a pick in the 2024 draft.

Here are the updated rosters for each team after the massive trade.

Knicks Active Roster and 2024-25 Salary (Expiration Year)

OG Anunoby, SF: $36.6M (2029)

Julius Randle, PF: $30.3M (2026)

Jalen Brunson, PG: $25M (2026)

Mikal Bridges, SF: $23.3M (2026)

Josh Hart, SF: $18.1M (2028)

Mitchell Robinson, C: $14.3M (2026)

Donte DiVincenzo, SG: $11.4M (2027)

Miles McBride, PG: $4.7M (2027)

Mamadi Diakite, PF: $2.3M (2025)

Free Agents

Alec Burks, SG: UFA

Isaiah Hartenstein, C: UFA

Precious Achiuwa, PF: RFA

Jericho Sims, C: Club option

DaQuan Jeffries, SG: Club option

Shake Milton, SG: UFA

Jacob Toppin, SF: RFA

Charlie Brown Jr., SG: RFA

Duane Washington Jr., PG: RFA

Nets Active Roster and 2024-25 Salary (Expiration Year)

Ben Simmons, PG: $40.3M (2025)

Nic Claxton, C: $25M (2028)

Cameron Johnson, SF: $22.5M (2027)

Bojan Bogdanovic, SF: $19M (2025)

Dorian Finney-Smith, PF: $14.4M (2026)

Dennis Schröder, PG: $13M (2025)

Cameron Thomas, SG: $4M (2025)

Day'Ron Sharpe, C: $4M (2025)

Noah Clowney, PF: $3.2M (2027)

Dariq Whitehead, SG: $3.1M (2027)

Jalen Wilson, PF: $1.9M (2026)

Jaylen Martin, F: Two-way (2025)

Free Agents

Dennis Smith Jr., PG: UFA

Keita Bates-Diop, SF: Player option

Lonnie Walker IV, SG: UFA

Trendon Watford, PF: RFA

Keon Johnson, SG: RFA

Harry Giles, C: UFA

Jacob Gilyard, PG: RFA

The Knicks will have several important free-agent decisions to make after acquiring Bridges, including center Isaiah Hartenstein. Wojnarowski noted on Tuesday that it's "more difficult" to bring back Hartenstein following the trade.

New York was able to re-sign forward OG Anunoby on Wednesday, bringing him back on a five-year deal worth $212.5 million (per Wojnarowski).

The addition of Bridges should help the Knicks maintain their status as one of the top teams in the Eastern Conference. New York finished the 2023-24 regular season with the No. 2 seed in the East by recording a 50-32 record, advancing to the second round of the playoffs. However, the Knicks fell to the Indiana Pacers in Game 7 after dealing with injuries to key contributors such as Anunoby, Julius Randle, and Mitchell Robinson.

Bridges should help New York's starting lineup remain relatively healthy throughout the 2024-25 season, as he holds the NBA record among active players by appearing in 474 straight games since he entered the association in 2018.

Anunoby should form a formidable defensive duo with the former Net. Bridges earned a spot on the All-Defensive First Team in 2022 and has averaged at least one steal per game in each season of his career.

As for the Nets, they appear to be focused on rebuilding the roster with a large influx of draft picks and giving younger players such as Cam Thomas a larger role during his 2024-25 campaign. Brooklyn also agreed to terms with Nic Claxton on Wednesday, re-signing the center for $100 million over four years.