NBA News Roundup, Tuesday, July 16th: Chris Paul trade update, J.R. Smith exits the Cavs and more

The 2019 NBA offseason is now well underway, and most of the in-demand free agents around the league have already been snatched up. At this point, the remaining pool of available talent is pretty shallow and consists primarily of veterans looking to extend their careers via minimum deals.

However, NBA teams will start to look towards trades over the coming weeks, and a number of major moves could still be in the works. So, with plenty going on around the NBA, here is all the latest news and rumors you need to know for July 16th.

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Oklahoma City Thunder in no rush to trade Chris Paul

Chris Paul was traded earlier this month after spending two seasons with the Houston Rockets

Rumors of Chris Paul's discontent with the Houston Rockets emerged earlier this summer, and last week, CP3 was shipped to the Oklahoma City Thunder as part of the blockbuster deal for Russell Westbrook.

Paul won't want to spend the final years of his prime on a rebuilding team, and the veteran has been linked to both the Lakers and Heat. However, according to ESPN's Brian Windhorst, the Thunder are in no rush to complete a trade:

In talking to some of the parties, I don't think the Thunder are in any hurry to trade him.. It's a difficult complex trade... If you go out there and survey teams, some teams would say, the only way I'm taking this Chris Paul contract is if you give me (draft) picks.

Paul still has three years remaining on his existing contract and will earn more than $40 million during his age-36 season. During the 18-19 campaign, Paul was a steady performer, averaging 15.6 points, 8.2 assists, and 4.6 rebounds per game, although many experts have labeled the 34-year-old's contract as the worst in the NBA.

J.R. Smith waived by the Cleveland Cavaliers

J.R. Smith played a key role as the Cavaliers made four consecutive trips to the NBA Finals

After failing to find a trade partner, the Cleveland Cavaliers have finally waived veteran guard J.R. Smith. After exhausting their options, the Cavs have opted to release Smith before his $15.6 million contract for next season became guaranteed.

The move puts the Cavs under the luxury tax threshold for the upcoming campaign, and the team may now look towards trading away their remaining high-earner in Kevin Love.

Smith now has the chance to resume his career, having not played since being frozen out by the Cavs back in November. The 33-year-old played a big role in the Cavs' success between 2015-2018, and Smith could still play a reserve role on a contending team.

The veteran has been linked with a move to the Lakers, although ESPN is reporting that Los Angeles is currently looking elsewhere to fill out their roster.

Ben Simmons set to sign five-year extension with the Philadelphia 76ers

Ben Simmons appears set for a long stay with the Philadelphia 76ers

Over the past few weeks, Ben Simmons and the Philadelphia 76ers have been working towards a contract extension, and ESPN is reporting that the two sides have come to an agreement:

The Philadelphia 76ers and star Ben Simmons have agreed to a five-year, $170 million maximum extension, Simmons' agent Rich Paul confirmed to ESPN's Brian Windhorst.

The Sixers selected Simmons with the first pick of the 2016 draft, and the Australian has quickly established himself as one of the franchise's key players.

During the 18-19 season, the 22-year-old averaged 16.9 points, 8.8 rebounds, and 7.7 assists, and Simmons was also named as an All-Star for the first time.

The decision to extend Simmons' contract also leaves the Sixers with a significant window to win, as the team now has Joel Embiid, Al Horford, Tobias Harris and Simmons signed to long-term deals.