Essentially this trade opens up about $1 million in salary cap flexibility for Toronto, which the Raptors can use to add a veteran for the playoff stretch. Caboclo didn't develop ideally in his three-plus seasons with the Raptors organization and appeared in only 25 total games over that span (including just two this season). Richardson is probably a more advanced player at this point, and so may be a better fit for a mostly veteran Toronto team.

Richardson has two more seasons on his contract after this one but Caboclo's deal expires this summer, so that frees up some salary cap space for the Kings (if Sacramento decides not to re-sign Caboclo). Moreover, the Kings have several talented young guards already in place (including De'Aaron Fox, Bogdan Bogdanovic, Buddy Hield, and Frank Mason) so Richardson was expendable.

Neither of Richardson nor Caboclo looks likely to earn significant minutes anytime soon with his new team, so there's zero fantasy impact with this one.