The Cleveland Cavaliers have reached a contract agreement with free-agent point guard Damon Jones. It is a four-year deal worth $16 million, according to an NBA source who spoke with Brian Windhorst. The deal has incentives that could push the value to near $20 million.

Jones has been on the Cavaliers' radar screen for months. The 3-point specialist averaged 11.6 points and 4.3 assists. Most importantly, he shot 43 percent from 3-point range, hitting 225 of them in all.

The Cavaliers had offered him a contract last month and waited weeks for a response. Jones had preferred to return to the Miami Heat and that looked like it would happen after the Heat failed to sign Michael Finley.

He will help bolster the team's woeful jump shooting as well as provide another ball handler.

Jones and Eric Snow will compete for the starting point guard job.