The Nuggets are trading Wilson Chandler, a 2021 second-round pick and the rights to swap 2022 second-round picks to the 76ers for cash considerations, according to multiple reports. The move saves Denver roughly $50 million in salary plus luxury tax penalties next season, according to ESPN.

After agreeing to a five-year max contract with star center Nikola Jokic and a four-year, $50-plus million contract with Will Barton during the opening minutes of free agency, a cost-cutting move eventually came for Denver.

Chandler, 31, averaged 10.0 points, 5.4 rebounds and 2.1 assists last season in 74 games (71 starts). He’s set to make $12.8 million next year, and getting his salary for the 2018-19 season off Denver’s books gets the Nuggets to within roughly $9 million of the luxury tax threshold. To shed more salary, the Nuggets could still look to trade veterans Kenneth Faried and Darrell Arthur, who are owed roughly $13.8 and $7.5 million respectively next season. Moving Faried’s contract without getting salary back in return would put the Nuggets under the luxury tax entirely.

With Chandler in Philadelphia, Barton will likely step in Denver’s starting lineup alongside Jamal Murray, Gary Harris, Paul Millsap and Jokic. That lineup logged 65 minutes together last year and outscored opponents 179-126 when on the floor. That five also held opponents to just 92.0 points per 100 possessions.

Restricted free agent Torrey Craig, who the Nuggets hope to bring back next season, and Juancho Hernangomez figure to provide depth behind Barton at small forward.

Chandler was the organization’s longest-tenured player. He played 357 career games for the Nuggets and came to Denver as part of the package that the Knicks sent to the Nuggets in exchange for Carmelo Anthony in 2011. Over the past few seasons, Chandler has been one of Denver’s stronger defenders.

The 6-foot-9 forward had one of the better seasons of his career in 2016-17 when he averaged 15.7 points, 6.5 rebounds and 2.0 assists per game.

The Nuggets officially have 12 players — including Monte Morris, who is signed to a two-way deal — under contract for next season after 14th overall pick Michael Porter Jr. signed his rookie contract Tuesday. That number will increase to 14 once Jokic and Barton sign their deals when the NBA’s league-wide moratorium ends on July 6. The team also plans to sign Thomas Welsh to its other two-way contract, bringing its total to 15 players. Craig and second-round pick Jarred Vanderbilt could fill Denver’s final two roster spots.