Augustin will make about $3.2 million next season in the final year of his rookie contract. Henderson will make about $2.2 million in 2011-12 after Friday's move.
Augustin was the ninth overall pick in the 2008 draft and has taken over the starting job this season after Raymond Felton left to sign a free-agent deal with New York. Augustin has averaged 8.9 points and 2.9 assists in 153 games.
Henderson was the 12th pick in the 2009 draft. He played in only 43 games last season and averaged 2.6 points and 1.3 rebounds.