Rick Bonnell reports that the Cavs will take on Haywood's contract to get Powell. Basically, the Hornets traded a second round pick to not have Brendan Haywood's contract, which was about $2.2 million next year. The following season was a team option for $10.5 million (lol).
So the Hornets traded it for cash to avoid the contract obligation this year. Fair enough, I suppose.
Haywood did not play last year.