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Cavs exercise option on Waiters, waive Edwards

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The Cleveland Cavaliers exercised the fourth-year contract option on guard Dion Waiters, the team announced Saturday.

Financial terms were not disclosed.

Waiters has averages of 15.3 points, 2.6 rebounds and 3.0 assists in 29.2 minutes per game in 131 games (72 starts) in his two seasons with the Cavaliers.

Also, Cleveland waived forward Shane Edwards, reducing its roster to 15 players.

Edwards appeared in six preseason games for the Cavaliers, averaging 1.5 points and 2.2 rebounds in 7.4 minutes per game.