Cavaliers officially announce J.R. Smith signing

The Cleveland Cavaliers officially announced the re-signing of swingman J.R. Smith on Wednesday. Terms are not generally disclosed by teams, but reports last month had the deal at two years for $10.3 million.

The deal is only guaranteed for about $2 million in each season, according to ESPN's Brian Windhorst, and he has a player option on year two.

It's a pay cut for Smith, who opted out of $6.4 million for next season in order to test unrestricted free agency. While the temperamental shooter may have misjudged the market for his services, he remains with a championship-caliber squad with whom he experienced a rebirth of sorts after arriving via trade from the New York Knicks last season.

The Cavs, who added depth with the signing of Mo Williams as well, have locked up all the key components of last year's Eastern Conference champion, with the notable exception of restricted free agent Tristan Thompson, who remains at an impasse with the team.