The Bulls and Heat will each lose their next available second-round pick after the NBA determined the two teams violated tampering rules.
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As part of the agreement, Markkanen will reportedly sign a four-year deal worth $67 million with Cleveland.
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Joakim Noah last played with the Clippers, but he is expected to retire as a Bull.
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Joel Embiid is the first Sixers player with a 50-point game since Allen Iverson in 2005.
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