Financial terms of the deals were not immediately known.
The Cavs selected Waiters, a 6-foot-4 shooting guard from Syracuse, with the No. 4 overall pick last week. The choice surprised many experts and disappointed some Cleveland fans who had hoped the team would take Harrison Barnes or Thomas Robinson.
Waiters didn't even work out for the Cavs, who did extensive background research on him before taking the Big East's top sixth man. Waiters didn't start a game in two seasons for the Orange.
Cleveland picked the 7-foot Zeller at No. 17 after trading three picks to the Dallas Mavericks. Zeller was the ACC's player of the year last season at North Carolina.