The Cavs were expected to pick up the option worth $5.1 million on Waiters and did so Saturday. Waiters averaged 15.3 point last season, but could get more open shots now that LeBron James, Kyrie Irving and Kevin Love will be occupying defenses.
Waiters started just 24 games last season but he will be with the first five in the backcourt alongside Irving this season. Waiters spent the offseason working on his jump shot.
The Cavs selected Waiters with the No. 4 overall pick in 2012.
Cleveland opens the season on Thursday at home against New York.