The QO is worth just over $7.7MM with a cap hold of $11.73MM.
Cleveland acquired Allen in the multi-team James Harden blockbuster with the intention of locking him into a multi-year deal during the offseason. The addition of Allen led the Cavs to bench and eventually buy out Andre Drummond, who will be an unrestricted free agent this summer.
Allen will one of the more attractive names on the restricted free agent market but a suitor will likely have to deliver a giant offer sheet to him to make the Cavs think twice about matching it.
The 23-year-old Allen averaged 13.2 PPG, 9.9 RPG and 1.4 BPG in 51 games after the trade. Cleveland is expected to retain Allen even if uses the No. 3 pick in next week’s draft on the top big man prospect, USC’s Evan Mobley.