J.R. Smith has announced on Instagram that he will return to the Cleveland Cavaliers next season. According to Chris Haynes of Northeast Ohio Media Group, J.R. Smith and the Cavaliers have agreed to a two-year deal that will earn him $5 million annually with a player option on the second year. With the salary cap rising next year, J.R. Smith is likely to opt out.

Smith opted out of his $6.4 million player option to become an unrestricted free agent this summer, hoping to earn a multi-year deal worth more money. It turns out that J.R. Smith took a pay cut instead and will get $5 million for next season. Smith's contract also reportedly has a no trade clause. 

J.R. Smith on Instagram said, "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 declining 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 11-year veteran was acquired in a trade with the New York Knicks in January and lead the Cavaliers to a 34-13 regular season record since he got traded to the Cavs. Smith, in the regular season for the Cavaliers, started in 45 of the 46 games and averaged 12.7 points, 3.5 rebounds, and 2.5 assists per game while shooting 42.5 percent from the field and 39 percent from three-point range.

Seven of Smith's 11 shot attempts per game were three-point attempts. J.R. Smith had a good start to the playoffs until he was served with a two-game suspension in games one and two of the East-Semis versus the Chicago Bulls, as he really struggled shooting in the Finals against the Golden State Warriors. During the Finals, Smith averaged 11.5 points on 31.2 percent from the floor and 29.4 percent from beyond the arc. The Cavaliers ended up losing in the Finals four games to two. 

J.R. Smith is a scorer and play maker who can quickly catch fire from deep range but tends to be a streaky shooter. With the Cavaliers adding Mo Williams to their team as well, they will have good scorers coming off the bench.

The Cavaliers desperately needed a scorer and play maker in the Finals, and J.R. Smith seemed to be the only guy who could do that for them off the bench. But now they get the luxury of having both Smith and Williams.

Reports say now that Smith has been secured, the Cavs are likely to end their pursuit of Jamal Crawford.