Cory Joseph of the Toronto Raptors dribbles past Kyrie Irving of the Cleveland Cavaliers during the NBA Eastern Conference semifinals at Quicken Loans Arena in Cleveland, Ohio on May 3, 2017. Getty Images

The Toronto Raptors are making plenty of moves this offseason. The Raptors reportedly reached a sign-and-trade deal with the Indiana Pacers to obtain free-agent forward C.J. Miles for point guard Cory Joseph.

According to ESPN’s Adrian Wojnarowski and Shams Charania of The Vertical, the two teams made the agreement Sunday. Miles will sign a three-year contract with the Raptors worth about $25 million, attached with a player option on the third year, league sources told ESPN.

Toronto is finalizing a sign-and-trade with Indiana to move Cory Joseph for CJ Miles, league sources tell ESPN.

— Adrian Wojnarowski (@wojespn) July 9, 2017

Sources: Toronto-Indiana deal is agreed in principle. Miles will sign a 3-year, approximately $25M deal with Raptors, with player option.

— Adrian Wojnarowski (@wojespn) July 9, 2017

Toronto and Indiana are discussing sign-and-trade deal of free agent CJ Miles to the Raptors, league sources tell The Vertical.

— Shams Charania (@ShamsCharania) July 9, 2017

Miles, 30, is a veteran forward with good shooting range, he shot 41 percent from the three-point line last year. He spent 12 seasons in the NBA and averaged 23.4 minutes, with 10.7 points and 3.0 rebounds over 76 games last season. His shooting should help create spacing on the floor for Toronto, who was in the bottom half of teams who made and attempted 3-pointers.

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Joseph, 25, is a 6-foot-3 point guard who has been a solid backup for the Raptors for the past two years. Last season, he averaged 9.3 points and 3.3 assists over 80 games and is excellent on the defensive end. He has about $15.5 million left on his contract. The Pacers are seemingly in full rebuild mode after they traded All-star forward Paul George to the Oklahoma City Thunder July 1 for guard Victor Oladipo and forward Domantas Sabonis.

With this deal, Raptors general manager Masai Ujiri has reshaped the roster and kept the team’s finances in check. Only two teams had higher total payrolls than them before the trade. During a press conference last Friday, Ujiri talked about how the organization planned to get under the luxury tax. "We’re very comfortable. We’ll figure it out as it goes," he said.“We’ve got many ways to get around it."

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When asked about the team’s future, he talked about how the team hoped to remain competitive going forward.

"This opportunity fell to us. We’ve looked at it. We’ve done all kinds of studies, whether it’s players, whether it’s the draft coming up, whether it’s the landscape of the NBA and the Eastern Conference, all of those things."

He added, "You never know where these things go. I think all we’re trying to do is set ourselves up to be competitive to put yourself in a position to maybe compete for a championship. It’s all based on the team, chemistry, all of those things coming together. Hopefully we can start these things on a good note."

The trade came after the Raptors freed up $30 million in salary space when they traded DeMarre Carroll and two draft picks to the Brooklyn Nets for forward Justin Hamilton Saturday. Carroll was owed $30 million over the next two seasons. Last season, he averaged 8.9 points and 3.8 rebounds in 26 minutes for Toronto. Hamilton averaged 6.9 points and 4.1 rebounds in 18.4 minutes a game for Brooklyn last season.

Kyrie Irving of the Cleveland Cavaliers tries to get past Cory Joseph of the Toronto Raptors during the 2016 NBA Playoffs at the Air Canada Centre in Toronto, Ontario on May 27, 2016. Getty Images