Update: Williams said Tuesday that he would exercise his $2.2 million player option to remain with the Cavaliers for the 2016-17 season, Chris Haynes of Cleveland.com reports.
Analysis: Williams was a regular member of the Cavaliers rotation early in the season when Kyrie Irving (kneecap) was still recovering from a long-term injury, but saw his role dissipate as soon as Irving returned to full health. While Williams doesn't project to serve as much more than a third-string option at point guard for the Cavaliers next season, his 14 years of NBA experience and reliable stroke from distance make him a quality insurance option in the backcourt.
Williams returned from the team's road trip to undergo further evaluation on his injured left knee.
The team said Friday that Williams, who has been bothered by the knee for months, experienced discomfort and increased soreness following Wednesday's loss at Indiana. He did not accompany the team to Chicago so he could have more medical tests done in Cleveland.