It's a combination move for the Warriors, who acquired Wallace for former All-Star David Lee from the Boston Celtics in a deal finalized earlier this week. By executing these two transactions, the Warriors get a quality backup to fill Lee's role while reducing their payroll by $8.6 million and potentially dropping their luxury-tax bill by more than $14 million.
The Warriors sent $1 million cash to Philadelphia, sources said.
Lee is entering the final year of his contract and will make $15.5 million this season. Thompson is in the final fully guaranteed year of his contract and is scheduled to make $6.9 million. He is scheduled to make $7 million in 2016-17, but just $2.65 million is guaranteed.
Thompson, who can play power forward and center, was picked up by the 76ers from the Sacramento Kings earlier in July in a move to clear cap space. He averaged 6.1 points and 6.5 rebounds in 81 games in Sacramento, where he had played his entire seven-year career.
Wallace, who has played 14 seasons, played 32 games with the Celtics last season and averaged 1.1 points per game. He is scheduled to earn $10.1 million this season in the final year of his contract.
With 15 players already under contract and draft picks still unsigned, the 76ers might end up waiving Wallace. Philadelphia is already paying JaVale McGee, whom it waived last season, $12 million in 2015-16.