- September 17, 1987
Released Tod Murphy.
- October 7, 1987
Signed Ricky Wilson as a free agent.
- October 16, 1987
Traded a 1988 2nd round draft pick (Sylvester Gray was later selected) to the Boston Celtics for Sam Vincent and Scott Wedman.
- October 20, 1987
Waived Ricky Wilson.
- October 28, 1987
Waived Michael Phelps.
- November 10, 1987
Received a 1990 2nd round draft pick (Abdul Shamsid-Deen was later selected) as compensation for the Portland Trail Blazers signing Maurice Lucas as a veteran free agent.
- February 25, 1988
Traded Sam Vincent to the Chicago Bulls for Sedale Threatt.
- June 23, 1988
Traded a 1988 2nd round draft pick (Orlando Graham was later selected) to the Miami Heat. Miami agreed not to select Danny Young in the expansion draft.
Lost Kevin Williams to the Miami Heat in the NBA expansion draft.
- June 28, 1988
Drafted Gary Grant in the 1st round (15th pick) of the 1988 NBA Draft.
Drafted Corey Gaines in the 3rd round (65th pick) of the 1988 NBA Draft.
Traded Gary Grant and a 1989 1st round draft pick (Kenny Payne was later selected) to the Los Angeles Clippers for Michael Cage.