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Unless I am misreading the CBA provision, he can sign with anyone. The year cycle doesn't apply since his contract ended.
As per current CBA:
- A team cannot reacquire a player they traded away during that season (a season being July 1 - June 30). If he is waived by his new team, then he cannot re-sign with his original team until the one-year anniversary of the trade, or until the July 1 following the end of his contract, whichever comes first. However, if a team trades a player's draft rights, they can reacquire the player during the same season.
According to various reports, the Cavs contract (in effect when Portland waived him) was partially guaranteed for 2017-2018. So, I don't think he can re-sign with the Cavs until the one-year anniversary of the trade. Cavs beat reporters also printed as much when Portland waived him.