According to social media reports, Sherrod was traded for future considerations.
The club officially announced that Gehrig was sent to Chicago in exchange for the Fire's second-round pick in the 2016 MLS SuperDraft.
Sherrod and Gehrig were the ninth and tenth players (respectively) taken by Orlando City in today's MLS Expansion Draft.
UPDATE: The club announced on Dec. 11 that Sherrod was traded to the San Jose Earthquakes in exchange for San Jose's natural second-round selection in the 2015 MLS SuperDraft. That will be a fairly high second-round pick, given San Jose's 2014 record (only Montreal Impact finished lower).