According to Marc Stein, he 76ers have acquired a future second round pick from the Cleveland Cavaliers. In exchange, the Cavs received a trade exception. The trade exception, valued at a lofty $5.3 million, can be used for up to a year from the day of the trade by the Cavaliers in a trade.
The trade for the Cavs lengthens the time they can swing a big deal without committing excessive short-term salary. If the trade was not made, the Cavs would have needed to pay $5.3 million in salary to make a trade at the value of the trade exception next season. Because the Sixers have ample cap space, they could take on a contract without returning anything, which is what makes the deal worth it for the Cavs. For their troubles, the Sixers acquired a 2nd round pick. The pick's protections and year are yet to be known.
UPDATE: From Jason Wolf:
#Sixers sending a protected 2015 2nd-rd pick to Cavaliers for Keith Bogans & a 2018 2nd-rd pick. Deal gives Cavs $5.3M trade exception.— Jason Wolf (@JasonChadWolf) September 27, 2014
Oh, and the Sixers also acquired Keith Bogans in the trade. He'll most likely be waived.