Smith will become an unrestricted free agent when he clears waivers Wednesday. The Los Angeles Lakers, and a reunion with LeBron James, are an unlikely destination for the 15-year veteran, sources told ESPN's Adrian Wojnarowski.
Had he remained with the Cavaliers beyond Monday, Smith would have been guaranteed another $750,000 in salary for the 2019-20 season, according to ESPN's Bobby Marks, and his full $15.7-million salary would have been guaranteed after July 31.
The Cavaliers are now $2.85 million under the luxury tax, while they would have been only $2.6 million under the tax if they had waited until the end of July to waive Smith, Marks added.
Smith, 33, has been with the Cavaliers for the last four-and-a-half seasons but hasn't played since November, when he accused the team of purposely trying to lose in order to acquire lottery picks in the draft. Following his comments, both Smith and the team agreed to part ways while the latter attempted to work on a trade, although no deal ever materialized.
Smith owns career averages of 12.5 points, 3.2 rebounds, and 2.1 steals. He's also a career 37.3 percent shooter from beyond the arc.