The Los Angeles Lakers traded for point guard Jeremy Lin and a first-round pick in a deal with the Houston Rockets on Friday and also reached contract agreements with shooting guard Nick Young and forward Jordan Hill, according to reports.

The Lin deal will free up cap space for the Rockets and unload his salary of $14.89 million. However, Lin's contract will only count $8.3 million on the Lakers' cap based on the deal's structure, according to Yahoo Sports.

Yahoo sources also said the Lakers will send cash and the rights to a draft pick currently overseas.

It is likely the Lakers were amenable to this deal because Lin is only under contract for one more season, thus preserving their cap space for next summer. The Lakers also need the draft picks after trading away their first-round picks in 2015 and 2017 to Phoenix and Orlando as part of the Steve Nash and Dwight Howard trades, respectively.

Young, a free agent, agreed to a four-year, $21.5 million contract with the Lakers, according to multiple reports.

Young averaged a career-high 17.9 points per game for the Lakers last season.

Hill reached agreement with the Lakers on a two-year, $18 million contract, Yahoo Sports reported.

The 26-year-old Hill averaged 9.7 points and 7.4 rebounds last season for the Lakers.