• Matthew Dellavedova

Matthew Dellavedova (Photo : Reuters/Kelley L Cox-USA TODAY Sports)

The Cleveland Cavaliers re-signed point guard Matthew Dellavedova to  a one-year deal worth approximately $1.2 million.

Dellavedova was asking for a multiyear deal worth $3 million to $5 million per year, but the team's tax situation made the demand realistic, according to Bleacher Report.

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The 24-year-old Dellavedova could cash in next summer when he becomes an unrestricted free agent as the league's salary cap gets bigger.

ESPN noted that Dellavedova also wanted to get over with his contract situation so he could focus on playing for Australia in the FIBA Oceania Championship in August.

The Cavaliers' defensive rating improved during the playoffs by 6.4 points per 100 possessions  when Dellavedova was playing, according to NBA.com.

'Delly' also provided solid minutes in 2015 NBA Finals performance after Kyrie Irving went down with a knee injury. 

Dellavedova also shot 40.7 percent from three during the regular season while averaging 4.8 points per game. He also erupted for a playoff career-high 20 points in Game 3 of the Finals while starting in place of Irving.

Such a performance is sure to attract the attention of many teams, one of which was the Portland Trail Blazers, according to CSNNW.com.

Cavaliers head coach David Blatt noted that Dellavedova, who will be Irving's primary back up at point guard, provides a lot of value by playing his heart out and caring only about the team.

Observers say the 24-year-old needs to work on his pick-and-roll, as he ranked in the 10th percentile as a pick-and-roll producer last season with his 0.53 points per possession.

The Cavs also resolved some contract issue when it sent Brendan Haywood and $10.5 non-guaranteed contract, along with Mike Miller and a couple second round picks for cash, according to NBC Sports.

However, the Cavs are still trying to re-sign key members of last season's Eastern champions, Tristan Thompson and J.R. Smith.