J.R. Smith to re-sign with Cleveland Cavaliers

Guard-forward J.R. Smith announced Thursday night on Instagram that he will return to the Cleveland Cavaliers next season.

Smith opted out of the final year of his contract worth $6.5 million after the NBA Finals in June to pursue a long-term deal, but he found no other offers to his liking and re-signed with the Cavs.

"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," Smith posted on Instagram. "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!"

The 29-year-old Smith came to the Cavaliers last season after three years with the New York Knicks and averaged a combined 12.1 points, 3.1 rebounds and 2.8 assists in 70 games.