After an extended stalemate that has now cut well into the Cavaliers preseason (there's only one game left), the team and guard J.R. Smith have agreed to terms on a new contract. 

Smith made the announcement via LeBron James's Uninterrupted website Friday night, thanking his teammates and Cavs fans for sticking it out with him throughout this "rough patch of time," as he put it. 

The team has not officially released those terms that were agreed upon, but several outlets are reporting the deal with for four years and worth $57 million. 

Also during the short video announcement, J.R. made it known that he and his wife are having another baby! 

Cavs start their season at home against the New York Knicks on Tuesday, October 25th, when players and coaching staff will receive their 2016 NBA Championship rings and the organization will hoist the NBA Championship banner to the rafters of the "Q."