The deal is for four years and worth $57 million, ESPN reported Friday night, with $45 million guaranteed for the next three seasons. The fourth season of the contract is not fully guaranteed, sources told ESPN.
Many in the organization were getting worried that Smith might consider moving on from the defending NBA champions. LeBron James was outspoken, saying a deal with Smith needed to get done.
The 31-year-old Smith played in 77 games (all starts) with Cleveland in the 2015-16 regular season, averaging 12.4 points, 2.8 rebounds and 1.1 steals in 30.7 minutes. The 6-foot-6 sharpshooter ranked seventh in 3-pointers made with a franchise season record 204 threes. He also shot .400 from beyond the arc, which was tied for 18th-best in the NBA.
In a related move, the Cavaliers waived guard Toney Douglas, who was signed on Oct. 3.
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The Washington Wizards announced Saturday that backup center Ian Mahinmi suffered a partially torn medial meniscus in his left knee and is expected to miss approximately four to six weeks.
The injury occurred in Thursday's preseason game against the Philadelphia 76ers. An MRI performed on Friday revealed the partial tear and Mahinmi underwent successful surgery Friday evening, the team announced.
The 29-year-old Mahinmi signed a four-year, $64 million contract in July.
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The Denver Nuggets waived forwards JaKarr Sampson and Axel Toupane.
Sampson was signed by Denver on Feb. 22 and played the final 26 games (22 starts) of the 2015-16 season, averaging 5.2 points and 2.3 rebounds in 18.0 minutes.
Toupane signed with Denver on March 24 and averaged 3.6 points, 1.5 rebounds and 14.5 minutes in the final 21 games last season.
The Nuggets also waived guard D.J. Kennedy to get their roster to 17 players.
