J.R. Smith and the Cleveland Cavaliers have finally agreed on a deal with less than two weeks before the new NBA season opens.
In a report by ESPN’s Marc Stein, league sources bared that Smith, who has missed nearly the first three weeks of training camp, and the Cavs have reached an agreement on a four-year deal worth $57 million. The agreement was reached Friday (Saturday, Manila time), but sources added that the deal only guarantees the first three years worth $45 million.
The fourth year will only kick in if the Cavs choose not to waive Smith after the 2018-2019 season.
On his part, Smith posted a video in Uninterrupted, sharing his excitement to get back to working with his Cavs teammates.
"We are extremely happy and proud to say that we have agreed to terms to come back to the Cleveland Cavaliers, aka the champs, aka my brothers. It's been a long road," he said.
"I appreciate everybody sticking out through this rough patch of time. I know this holdout and everything else has been long and tedious for everybody, but it's extremely huge for us. We're happy to be a part of the Cleveland family and just want to take it one day at a time,” Smith added.
LeBron James, one of Smith’s vocal supporters throughout the contract standoff, was equally excited to have the mercurial shooting guard back with the Cavs.
So damn happy for my Lil bro!! Well deserved. Good things happens to good people. I can't express how happy I am for you brother! Love https://t.co/cEGGwz3bdE— LeBron James (@KingJames) October 15, 2016
With the new deal, the Cavs now have a league-record payroll of $125 million for the upcoming season with a luxury tax bill of around $30 million.