After delaying the signing of Gordon Hayward due to come cap space restrictions, the Charlotte Hornets were finally able to formally sign the All-Star small forward via sign-and-trade with the Boston Celtics on Sunday, according to a team-released statement via Boston's official Twitter account.

The Celtics will send two future second-round picks along with Hayward to the Hornets in return for a trade exception with a value close to the $28 million range, according to ESPN's Bobby Marks, which is the largest in league history. The Hornets will also send back a conditional second-round pick.

For the Celtics, the trade exception was a major portion of them wanting to make a deal with the Hornets instead of allowing Hayward to walk for practically nothing in return. The trade exception will create a valuable negotiating piece in future deals for Boston.

The Hornets and Hayward had agreed in principle to a four-year, $120 million deal on Nov. 21, officially ending Hayward's three-year stint in Beantown. While both parties in the Hornets and Hayward had agreed on a deal, there were a few obstacles in place for the Hornets to officially make room for Hayward's massive contract—Nicolas Batum being one of the larger hurdles in particular.

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After the Hornets were able to officially waive Batum on Sunday, it opened the doors for them to proceed in sign-and-trade talks with the Celtics in regards to Hayward. The Celtics had the option of completing a sign-and-trade, which was the easiest route for the Hornets to not be forced into parting ways with additional players.

Hayward now will serve as primarily the No. 1 option on a young Hornets squad looking to compete for a spot in the 2021 playoffs.