Cleveland and New York agree on a deal that sends young first baseman and former first overall pick of the 1970 draft, Chris Chambliss, and two others to the Yankees for four players.

Chambliss, who won the American League Rookie of the Year Award in 1971, went on to anchor the Yankees infield and was a key member of their World Series teams of 1976 through 1978, winning titles the last two seasons. Cecil Upshaw, one of the pitchers sent to New York, would play just one more season after the completion of the 1974 year. Dick Tidrow, the other pitcher acquired by the Yankees, had put together a pair of solid seasons to begin his career with the Indians but was off to a slow start. The Yankees would use him as both a starter and reliever during his stint with the club.

The Indians acquired two relievers and two starting pitchers in the deal. Fred Beene and Tom Buskey went into the Cleveland bullpen; Beene wrapped up his short MLB career the following season while Buskey played with the Tribe until 1977 and played three more years in the Majors with Toronto. Steve Kline was 3-8 in 16 games, including eleven starts, but would not appear in the Majors again until returning with Atlanta in 1977. Lefty Fritz Peterson went 9-14 in his first season with the Indians. The former 1970 All-Star would go 14-8 in 1975, but would be traded after nine starts in 1976 to the Texas Rangers, where he pitched in his final four big league games.