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1:52 PM CT
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Brian WindhorstESPN Senior Writer
The Cleveland Cavaliers will waive guard JR Smith on Monday, before his contract for next season becomes guaranteed, and he will become a free agent, sources confirmed to ESPN.
The news was first reported by Cleveland.com.
The Cavs have been looking to trade Smith since November because only a portion of his $15.6 million for next year is guaranteed. The team worked out a deal with Smith to extend his guarantee date from June 30 to July 15, boosting his guarantee from $3.9 million to $4.4 million, but were unable to find a deal.<iframe class="teads-resize" style="box-sizing: border-box; width: 565px; height: 0px !important; min-height: 0px !important; border-width: initial !important; border-style: none !important; margin: 0px !important; padding: 0px !important; display: block !important;"></iframe>
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By waiving and stretching the guaranteed money, the Cavs will move below the luxury tax for the 2019-20 season.
Smith, 33, played in only 11 games last season, agreeing to leave the team last November to await a trade or release. The 15-year veteran is a career 37 percent 3-point shooter.