Report: Cavs offering J.R. Smith less than the option he declined

Sometimes when you gamble, the house wins.

That's a reality J.R. Smith is facing after declining his $6.4-million player option for the 2015-16 season in late June. Smith rolled the dice that he'd be able to land more money, likely on a multi-year deal, following a successful stint with the Cleveland Cavaliers that helped rehabilitate his reputation.

The market hasn't played out that way, as Smith remains without a contract, and none of the few teams with ample cap space seem a likely suitor. Instead, Smith's most likely scenario is a one-year deal to return to Cleveland, one that reportedly won't pay him as much as the option he turned down.

The Cavs have made Smith an offer worth less than $6.4 million, Terry Pluto of The Plain Dealer reports, knowing he has little leverage and understanding that every penny paid to Smith will have astronomical luxury tax ramifications.

Cleveland could find itself with the largest luxury tax bill in history this season, and with Iman Shumpert, Matthew Dellavedova, Mo Williams, and Joe Harris all capable of playing the two, Smith is probably a luxury the Cavs can live without.

That's not to say he wouldn't be missed, as his shooting was a welcome addition on the wing last season. After being acquired in January, Smith shot 39 percent from long-range, averaging 12.7 points, 3.5 rebounds, 2.5 assists, and 1.4 steals in 46 games.