Mitchell, 25, was one of the most desirable stars on the market after it became clear the Jazz were entering a rebuild following their trade of three-time Defensive Player of the Year Rudy Gobert.
In return, the Jazz will receive three unprotected first-round picks. They include two future first-round pick swaps in guard Collin Sexton and stretch forward Lauri Markkanen, as well as Ochai Agbaji, who was the 14th selection from this year's NBA Draft.
It is a sizeable haul for the Jazz, who also received four future first-round picks, plus three rotation-level players from the Minnesota Timberwolves for Gobert, putting them in one of the most favourable rebuilding situations in the NBA.
For the Cavaliers, the move affirms their position as a true contender in the Eastern Conference for years to come, after emerging from this past season with a long-term core of Darius Garland, Rookie of the Year runner-up Evan Mobley and All-Star centre Jarrett Allen.
Cleveland will have one of the league's strongest six-man rotations when factoring in fifth pick from the 2020 draft Isaac Okoro – who will likely start at small forward – and potential Sixth Man of the Year Caris Levert.