The Rockets sent guard Brandon Knight, forward Marquese Chriss, a 2019 lottery-protected first-round pick and a 2022 second-round pick to the Cavaliers. The Cavaliers, who announced the trade on Thursday, sent guard Alec Burks to the Kings and guards Nik Stauskas and Wade Baldwin and a 2021 second-round pick (via Milwaukee) to the Rockets. The Kings will also get the Rockets' 2020 second-round pick.
Shumpert, 28, has had a strong season for the resurgent Kings, averaging 8.9 points, 3.1 rebounds and 2.2 assists. He is expected to play a significant bench role for the Rockets in their Western Conference playoff push.
Rockets point guard Chris Paul said he was excited about adding Shumpert's defensive mentality to the team.
"I've known Shump for a while, man," Paul said. "He's scrappy. He gets after it. And somebody like that, I can play with any day of the week."
James Harden echoed Paul's excitement over the addition of Shumpert and praised the Rockets for being active before the trade deadline.
"Shump is a vet who can help us -- defensively, ballhandling, shooting," he said. "He is playing very, very well this season, so once he gets here, get a couple of practices in and let's go."
Meanwhile, Kings center Willie Cauley-Stein said Shumpert's personality and presence will be missed in the Sacramento locker room.
"He created a movement here," Cauley-Stein said. "I like to think that he had the chemistry [on] point, him and JJ [Justin Jackson]. So it was real quiet, all around, today it was real quiet. The energy, it was done. Even in the building, the energy was weird."
Burks returns to the Western Conference, where he spent the first eight years of his career with the Utah Jazz before a trade to the Cavaliers last year.
ESPN's Ohm Youngmisuk contributed to this report.