The Cleveland Cavaliers plan to waive veteran JR Smith in order to stay below the NBA's luxury tax threshold, Cleveland.com reported Monday.
The Cavaliers have been unable to find a trade partner to take on the 33-year-old shooting guard scheduled to make $15.7 million next season, of which just $4.3 million is guaranteed.
By waiving Smith, Cleveland can spread that $4.3 million over the next three years and only count $1.4 million against the cap this year. That would keep the Cavaliers below the luxury tax line of $132 million, according to the report.
A 15-year NBA veteran, Smith has been with the Cavaliers since January 2015. He helped them win their first NBA championship in 2015-16.
The league's Sixth Man of the Year in 2012-13, Smith has averaged 12.5 points and 3.2 rebounds in 971 career games (395 starts) with New Orleans (2004-06), Denver (2006-11), New York (2011-15) and Cleveland.
Smith ranks eighth among active players and 13th in NBA history with 1,929 made 3-pointers.
--Field Level Media
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