Defending NBA champions the Golden State Warriors added a young veteran in their roster after trading for forward Jason Thompson from the Philadelphia 76ers in exchange for veteran Gerald Wallace.

The Warriors also sent $1 million along with Wallace to acquire Thompson, who was traded by the Sacramento Kings to the 76ers last month.

Wallace is one of the players the Warriors have acquired after they traded former All-Star center David Lee to the Boston Celtics.

Trading Lee and acquiring Thompson gave the Warriors' payroll a decrease of $8.6 million and will help them reduce their luxury tax bill by more than $14 million, according to ESPN.

The sports news outlet also reported that Thompson will be entering the final fully-guaranteed year in his contract which will earn him $6.9 million next season, much cheaper than the $15.5 million that Lee should be making in the 2015–16 season.

Thompson was drafted twelfth overall in 2008 by the Sacramento Kings and spent all his seven NBA seasons with the team before the trade last July that sent him to the 76ers.

Last season, the 29-year-old forward played in 81 games, which included 63 starts and averaged 6.1 points, 6.5 rebounds, and 1.0 assist per outing.

Thompson can play power forward or center, giving the Warriors a versatile big man who would likely be coming off the bench.

Last season, the Warriors won the NBA championship without a prominent big man and Thompson might help address that issue.

Meanwhile, the 76ers will get Wallace who is a 16-year veteran and will be playing for his sixth team.

Last season with the Celtics, the 33-year-old NBA veteran played in only 32 games and averaged career-lows in points (1.1) and assists (0.3).

Wallace will be joining a 76ers team that is full of young and promising players as he will be providing veteran leadership to a franchise trying to have a better winning record next season.