Smith, 29, had previously opted out of a $6.4 million contract for next season and became an unrestricted free agent on July 1.
The 11-year veteran was acquired in a trade with the New York Knicks in January and helped the Cavs finish the regular season 34-13 after the deal was made.
Smith was instrumental in the Cavs’ Eastern Conference finals sweep of Atlanta, averaging 18.0 points on 50 percent shooting from the field and 47.1 percent from 3 along with 7.5 rebounds in four games, but struggled mightily in the Finals against Golden State. He averaged 11.5 points on 31.2 percent from the floor and 29.4 percent from 3, along with 4.3 rebounds in the Cavs’ championship-round loss to the Warriors.
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