The Cleveland Cavaliers waived veteran JR Smith on Monday in order to stay below the NBA's luxury-tax threshold.
The Cavaliers were 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.
Smith would become a free agent if he clears waivers.
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 keeps the Cavaliers below the luxury-tax line of $132 million, according to the Cleveland Plain Dealer.
ESPN's Adrian Wojnarowski reported Monday night that Smith is unlikely to be reunited with former Cavaliers teammate LeBron James, as the Los Angeles Lakers are unlikely to make a run at the pending free agent.
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 Hornets (2004-06), Denver Nuggets (2006-11), New York Knicks (2011-15) and Cleveland.
Smith ranks eighth among active players and 13th in NBA history with 1,929 made 3-pointers.
--Field Level Media