The Cavs have acquired Ramon Sessions, Ryan Hollins, and a future 2nd round pick in exchange for Delonte West and Sebastian Telfair.
The Breakdown
For Cleveland, Sessions basically replaces West in the line up. Sessions will be the first guard off the bench and he'll see minutes at PG and SG. This is pretty much the same role he played in Minnesota, so I don't expect much change in his playing time or production. Sessions remains a late round pick at best.
Hollins gives Cleveland the size they need after losing Ilgauskas and, potentially, Shaq in free agency. I expect Anderson Varejao to get the start at center, but there's a slim chance Hollins moves into the starting line up if the Cavaliers don't pick up any other bigs. Last season, the Cavs loved Varejao's energy off the bench and chose to start J.J. Hickson ahead of him for that reason. Even in a starting role, Hollins shouldn't get huge minutes and is more of an option in deep leagues.
On the Minnesota side, they basically gave up on Sessions in favor if Luke Ridnour. Delonte West will be waived, as the Wolves only have to pay him $500,000 of his $4.6 million contract if he's waived by August 5th. West can still be a valuable fantasy player if given a chance, so we'll have to see if he signs on a team where he'll get consistent playing time. With the legal problems he's battled over the last year, though, I'm not sure if there will be many suitors.
The much traveled Telfair probably won't be on the team for long either. The Wolves are set at PG, so even if Telfair somehow stays on the roster it will be at the end of the bench.