UPDATE: The Kings have confirmed the deal. Sam Amick reports that the pick will be lottery protected in 2012, protected in the top 10 in 2013 and on down.
UPDATE NO. 2: Stein has the lowdown on protections on the pick going to Cleveland:
If the Kings are in the bottom 10 in the NBA in 2017, we're in enough trouble that losing a second-round pick won't matter.