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

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.