After a contract stalemate that had consumed nearly the first three weeks of training camp, J.R Smith and the Cleveland Cavaliers have reached an agreement on a new four-year deal worth $57 million, according to league sources.
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| JR Smith |
Sources told that Smith and the Cavs came to terms Friday night on a new pact that will guarantee the mercurial shooting guard $45 million over the next three seasons.
The fourth season of the contract is not fully guaranteed, sources told ESPN's Brian Windhorst, at which point Smith will be 34. But sources say Smith's final season will become fully guaranteed unless the Cavs waive him shortly after the 2018-19 season.
On Friday, Smith said in a video posted online to Uninterrupted that he was encouraged by the deal and that he would now get down to the daily business of basketball.
"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," Smith 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 also said his family was expecting another child.
He earned approximately $45.5 million through his first 12 seasons in the league, according to BasketballReference.com. This new contract, if fully vested, will more than double that amount in a third of the time.
Sources said that, after weeks of scant progress, interest this week from the Philadelphia 76ers in Smith might have helped sparked negotiations with the Cavaliers. The Sixers have roughly $27 million in salary cap space and, as seen during the summer under new general manager Bryan Colangelo, made a legitimate push to try to sign Manu Ginobili away from the San Antonio Spurs.
James showed his excitement after Smith made his annoucement.
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