The Cleveland Cavaliers have won the Donovan Mitchell Sweepstakes, outbidding the New York Knicks in pursuit of the All-Star guard. The Knicks failed to make a deal with the Utah Jazz despite being considered the overwhelming favorites to acquire Mitchell.

Why were the Knicks unable to pull off a trade for Mitchell? According to the latest reports, New York was unwilling to meet Utah's asking price of draft compensation.

In exchange for Mitchell, Cleveland agreed to trade Collin Sexton, Lauri Markkanen, Ochai Agbaji, three first-round picks and two pick swaps, The Athletic's Shams Charania reports. The three first-rounders are all unprotected, according to ESPN's Adrian Wojnarowski.

The Jazz essentially got four first-round picks in the deal because Agbaji was the No. 14 overall selection in this year's draft.

The latest rumors suggest that the Knicks never offered the Jazz more than two unprotected first-round picks. New York reportedly entertained the idea of sending additional protected first-rounders in exchange for Mitchell.

R.J. Barrett was at the center of trade talks between the Knicks and Jazz. Barrett's inclusion in a potential deal for Mitchell became more complicated earlier this week when New York signed the 22-year-old to a four-year contract extension that could be worth up to $120 million.

Sexton is one year older than Barrett. The guard is signing a four-year, $72 millon contract after being traded to the Jazz, according to Charania.

The Knicks own eight future first-round picks. Some of those first-rounders were acquired in trades with other teams and are protected.

The Knicks are unlikely to acquire a start before the 2022-23 season. Jalen Brunson is New York's top addition of the offseason. Brunson averaged 16.3 points, 3.9 rebounds and 4.8 assists for the Dallas Mavericks last season.

Utah has acquired a massive haul of future draft picks this summer in exchange for their two star players. The Jazz received four first-rounders and a draft swap by sending Rudy Gobert to the Minnesota Timberwolves. Walker Kessler, a first-round pick in this year's draft, also went to Utah in the deal.

After six straight playoff appearances, the Jazz are expected to be one of the worst teams in the league. Utah is expected to compete for a top pick in the 2023 NBA Draft.

The Miami Heat were among the teams to pursue Mitchell this offseason.