THURSDAY, 2:56pm: The contract is official, the team announced.
TUESDAY, 7:20pm: The deal will reportedly be for $2.7MM over three seasons, tweets Eric Pincus of Basketball Insiders.
6:55pm: The Cavaliers will sign second-round pick Joe Harris to a three-year rookie deal, a source tells Shams Charania of RealGM.com (Twitter link). The deal will be guaranteed over two seasons with a team option in the third year, Charania adds. Since the arrangement stretches over three years, the Cavs will use cap space to complete the transaction, as neither the minimum-salary exception nor the room exception allows for a contract that long.
The small forward from the University of Virginia was the 38th best prospect in the rankings that Chad Ford of ESPN.com compiles but just 49th with Jonathan Givony of DraftExpress. He had a slightly reduced role this past season as a senior after notching 16.3 points per game in his junior year. He put up just 12.0 PPG this time around, but he maintained 40.0% three-point shooting, so he shapes up as a long-distance threat for Cleveland.
Harris spoke to Zach Links of Hoops Rumors prior to the draft, crediting Virginia coach and highly touted NBA coaching prospect Tony Bennett for helping him improve defensively.