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The latest news and rumors from the NBA off-season on J.R. Smith's contract extension and Team USA's performance in the Olympics.

August 16, 2016

By Brian Rauf, Chat Sports

The NBA off-season is in a quiet point, but Olympic basketball has hit the knockout stage. All four quarterfinal games will be on Wednesday, headlined by the U.S. taking on Argentina.

Check out the latest NBA news and rumors below.

• The Cleveland Cavaliers haven't re-signed guard J.R. Smith yet, but he is not looking to sign with any other team, reports Steve Kyler of Basketball Insiders.

• Oklahoma City Thunder point guard Russell Westbrook is the betting favorite to win MVP this season, according to Bovada.

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• The Milwaukee Bucks are interested in signing retired guard Ray Allen, reports Woelfel's Press Box. Allen has talked to the team about making an NBA comeback.

• Bucks forward Steve Novak told 105.7 FM's "The Big Show" that he is "getting close" to reaching an agreement to return to the team.

• Los Angeles Lakers guard Nick Young wants to "make peace" with teammate D'Angelo Russell after last season's filming incident, reports Mark Medina of the Orange County Register.

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• The Detroit Pistons are interested in giving swingman Reggie Bullock an extension, reports Vince Ellis of the Detroit Free Press.

• The Memphis Grizzlies tried to sign Serbian point guard Milos Teodosic to a two-year, $5 million deal in 2013, but he turned them down to sign with CSKA Moscow, reports ESPN's Marc Stein.

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