9:01pm: Cleveland is expected to sign Manny Harris to replace Kapono on the roster, tweets Jason Lloyd of the Akron Beacon Journal. The team had signed Harris to a pair of 10-day deals earlier this year, so his latest contract will be for the rest of the season. With signing of Donald Sloan earlier today, Harris would put the Cavs roster back at 15 players.
7:12pm: The Cavs plan to waive small forward Jason Kapono, whom they acquired from the Lakers via trade yesterday, tweets Adrian Wojnarowski of Yahoo! Sports. Tom Reed of The Plain Dealer adds detail in a story.
Kapono is on a one-year minimum-salary deal, making $1,223,166. He counts for $854,389 against the cap, which the Cavs will still be on the hook for unless someone puts in a claim for him. Their post-trade payroll of $70.5MM is well over the cap, but because $18MM of that is a cap hold for the expired Wally Szczerbiak, they are nowhere near the luxury tax threshold.
The 6'8", 213-pound Kapono's specialty has been the three-point shot, having made 43.4% of his long-range attempts throughout his nine-year career. This year, though, the 30-year-old's three-point percentage is only 29.6% in spot duty for the Lakers. He averaged 2.0 points in 10 minutes a game for L.A.