Cleveland Cavaliers Rumors: Free Agent J.R. Smith Re-Signs for Less

J.R. Smith will be staying in Cleveland.

The free agent, who opted out of his player option in July, has re-signed a two-year deal worth more than $10 million. He will be making around $5 million next season. Smith's contract also included a player option for the second year. On top of that, due to the collective bargaining agreement rules, the guard will be able to veto any trade this season.

In an Instagram post, Smith wrote:

"Happy to say that I am returning to the Cavs! It's been a long ride this summer but I can say for sure, well worth the wait. When I opted out of my contract, I wanted to understand the landscape of the NBA and where I fit best. The Cavaliers had things they needed to do in order to piece together a championship caliber roster. I ended up deciding that instead of potentially securing a larger deal elsewhere, I wanted to rejoin an incredible organization in pursuit of the ultimate goal, an NBA championship. Thank you to the Cavaliers for making this happen. Can't wait to get started! #TheLand."

After hearing the news, teammate LeBron James tweeted his congratulations.

Welcome back brother @TheRealJRSmith! Happy you're sticking around. #TheLand #StriveForGreatness

— LeBron James (@KingJames) August 21, 2015

Smith joined the Cavaliers last season in a three-team trade on Jan. 5 with the New York Knicks and Oklahoma City Thunder. He will be playing with a very stacked roster this upcoming year.

In the offseason, the Cavaliers have re-signed James, Kevin Love, Iman Shumpert, Matthew Dellavedova and James Jones. They also brought in Mo Williams and are rumored to be eyeing veteran Jamal Crawford. The Cavaliers still have not re-signed Tristan Thompson.

Smith averaged 12.1 points throughout the 2014-15 season. For the Cavaliers, he averaged 12.7 points.