Cleveland will recoup the $500K from extending the Smith guaranteed date to 7/15 if the guard signs the vet minimum with another team. https://t.co/cNlzEcTZ8G
— Bobby Marks (@BobbyMarks42) July 15, 2019
The veteran shooting guard has officially been released by the Cavaliers. Smith has not appeared in an NBA game since November of last season. Once the Cavaliers decided to begin the rebuilding process part way through the 2018-2019 season, Smith’s playing time would be eliminated.
— Nicholas A. Kovach (@TheKovach) July 15, 2019
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Smith played a key role in bringing the Cavaliers its first world championship in franchise history in 2016. His contract helped prevent the franchise from being a player in free agency this offseason.
The Cavaliers had to make this move before Smith’s contract becomes guaranteed for this upcoming season. Cleveland hoped to trade Smith on NBA Draft night, but could not get a deal done.
#Cavs have waived JR Smith. He will be on waivers for 48 hours and officially become an unrestricted free agent at 5 pm Wednesday.
— Chris Fedor (@ChrisFedor) July 15, 2019
The Cavaliers will get under the NBA’s luxury tax for the 2019-2020 season due to Smith’s release. Smith will be on waivers until Wednesday and then becomes an unrestricted free agent.