Report: Hibbert waived $2.2 million bonus to join Lakers

UPDATE: Roy Hibbert waived $2.2 million of a trade bonus (15 percent of his $15.5 million salary) to join the Lakers, according to the Los Angeles Times. He will receive a bonus of $78,185, which allowed the Lakers to add more players under the salary cap.

EARLIER: The trade of Roy Hibbert from the Indiana Pacers to the Los Angeles Lakers for a future second-round draft became official  Thursday night.

The teams agreed to the deal July 4 but no moves could be official until Thursday due to a moratorium.

“I’d like to thank Roy for all his contributions during his time in Indiana,” Larry Bird, the Pacers' president, said in a team statement. “He was a two-time NBA All-Star, and we appreciate everything he did for our franchise both on and off the court.”

Pacers forward C.J. Miles told IndyStar's Candace Buckner on Wednesday that the trade was the best thing for Hibbert and the Pacers.

"It's unfortunate the way it's perceived to happen but at the same time, that was something that we needed to do as a team to get better," Miles said. "I wish all good vibes to him and I hope that he continues to be Big Dawg, who he is (and) continues to play well and defend the rim -- until we play him anyway."

Hibbert was the centerpiece of a smashmouth style of play the Pacers used to reach back-to-back Eastern Conference finals in 2013 and '14 but team president Larry Bird made it clear at the end of the season that Indiana would play at a faster tempo, likely limiting Hibbert's minutes.

With reports that Luis Scola will sign with Toronto, the Pacers have lost their top three inside players from the last two seasons, as David West is set to sign with the San Antonio Spurs.

The moves leave the Pacers with Ian Mahinmi, rookie Myles Turner and Lavoy Allen as their only experienced inside players. Paul George is expected to play more power forward in the team's new style.

More IndyStar content on the Hibbert trade: