J.R. Smith, who was the most prominent unsigned free agent remaining, finally agreed to re-sign with the Cavaliers this week. The two sides reached a deal on a two-year pact that includes a player option for the 2016/17 season, which will allow the guard to once again test the free agent market next offseason if he wishes.
Smith took to his personal Instagram account to relay the news, writing, “Happy to say that I am returning to the Cavs! It’s been a long ride this summer but I can say for sure, well worth the wait. When I opted out of my contract, I wanted to understand the landscape of the NBA and where I fit best. The Cavaliers had things they needed to do in order to piece together a championship caliber roster. I ended up deciding that instead of potentially securing a larger deal elsewhere, I wanted to rejoin an incredible organization in pursuit of the ultimate goal, an NBA championship. Thank you to the Cavaliers for making this happen. Can’t wait to get started!”
The 29-year-old’s decision to decline his one-year, $6.4MM player option for certainly didn’t pay off, as he will now earn $5MM this coming season under the terms of his new pact. But a chance to once again contend for an NBA title should help alleviate some of his angst regarding his lower income level for the upcoming campaign. Here’s more from the week that was…
Free Agent Signings
- The Bucks signed former University of Wisconsin power forward Marcus Landry.
- The Cavaliers reached a deal with free agent Jared Cunningham.
- The Hornets agreed to a deal with undrafted free agent forward Sam Thompson.
- The Hawks signed a deal with unrestricted free agent Jason Richardson.
- The Wizards agreed to sign undrafted center Jaleel Roberts.
- The Hornets agreed to a deal with unrestricted free agent center Jason Washburn.
- The Heat signed undrafted shooting guard Corey Hawkins.
- The Jazz signed undrafted guard Treveon Graham.
- The Lakers reached a contract agreement with Michael Frazier.
- The Grizzlies signed center Michael Holyfield.
- The Suns and shooting guard Terrico White agreed to a deal.
- The Warriors and Jarell Eddie reached an agreement on a training camp deal.
- The Suns agreed to a camp deal with former Harvard combo forward Kyle Casey.
You can stay up to date on all of the signings with Hoops Rumors’ free agent tracker.
- The Nuggets waived Joey Dorsey as part of a buyout arrangement. Dorsey agreed to a deal with Galatasaray of Turkey.
- The Raptors and Jonas Valanciunas signed an extension worth $64MM over four years.
- Dorell Wright signed a deal with China’s Chongqing Dragons.
- The Kings hired longtime NBA sabermetrician Roland Beech to head up their analytics department.
- Colton Iverson officially signed with the Turkish team Pinar Karsiyaka.
- Joel Embiid underwent a second surgery on his right foot and he is expected to miss the entire 2015/16 season.
- The NBA officially announced that Kiki Vandeweghe has been promoted to Executive Vice President, Basketball Operations for the league.
- The Rockets hired Matt Brase as the coach of Rio Grande Valley Vipers, their D-League affiliate.
- The Bulls hired Toni Kukoc as a special adviser to president and COO Michael Reinsdorf.
- Will Bynum agreed to re-sign with the Guangdong Tigers of the Chinese Basketball Association.
- Warriors 2015 first-rounder Kevon Looney underwent surgery on his right hip and is expected to miss a minimum of four to six months.