No chance someone trades for him. He’ll sit for a year and get bought out next year.
JR is very valuable in trade after the season.
Since he was signed under the old CBA, the full value of his contract can be traded after the Finals and before the next league years starts. Any contracts signed under the new CBA are only worth the guaranteed value of their NEXT season after the trade deadline.
Smith is only guaranteed $3.5M next year, so there's no need to buy him out.
So the Cavs have two options:
1. Wait and cut him before the total salary guarantees and only have $3.5M on the cap next year.
2. Trade him to a team that wants salary relief next year, so something like JR Smith for Allen Crabbe. That would give the Nets $15M more to spend in free agency. But if you're the Cavs you don't do this favor for cheap - you get a first round pick back. Could do the same thing with the Knicks by taking Lee and Thomas off their hands and giving them $17M more to spend next year on free agents.
The Cavs can take back $19.5M in salary in any trade sending Smith out. So they can save teams $16.5M+ next year in any Smith trade AND they can do it so the other team doesn't have to pay Smith at all outside of the $3.5M guarantee for next season by trading after the Finals. A team would get him, release him, and free up cap space for making runs at Leonard, Durant, Thompson, Kyrie, Butler, etc.
I expect there will competition for teams to clear extra space to try to attract free agents by the time summer arrives.