CLEVELAND, Ohio -- J.R. Smith said he would sign a new contract with the Cavaliers "soon, I hope," which could in theory mean the team had all five of its starters from its 2016 championship back in the fold by the start of training camp.

In theory.

Smith, 31, is still a free agent and neither he nor the Cavs have indicated they're willing to budge in negotiations that have carried on since July 1. The Cavs' first practice is Sept. 27.

Smith is represented by the same agent -- Rich Paul -- who guided Tristan Thompson to a holdout last year that stretched through the entire preseason.

In an interview with Complex.com posted Friday, Smith said the Cavs' offer was such that "we're not where we want to be at from a personal standpoint."

The next part is somewhat confusing. He said "I don't want to feel like I'm taking advantage of the Cavs for everything they've done for me, and I don't want them to feel like I'm taking advantage of them. It's more of a mutual respect thing."

Here's how the two sides may interpret mutual respect.

Smith has played 12 NBA seasons, the last 11/2 with the Cavs -- both ended in the Finals. He averaged 12.4 points and shot 40 percent from 3-point range (204 made 3s) last season, and in Game 7 of the Finals contributed 12 points with two critical 3-pointers in the third quarter to help the Cavs battle back from an 8-point deficit.

In numerous conversations with Smith's camp, they feel he's proven his worth to the Cavs. Without him, they don't win the 2016 Finals, and, especially given Cleveland's precarious situation with the salary cap, would be at a huge disadvantage in their title defense without him -- because they have nowhere near the money to replace Smith.

The Cavs are already more than $22 million over the the NBA's $94 million salary cap. By league rules, they can go over the cap to retain Smith, but couldn't replace him with a free agent who would command a similar contract.

While neither Smith nor Paul has ever confirmed this figure, it is believed he's looking for a contract worth about $15 million annually. The two sides may not be arguing over money so much as the length of the deal -- the Cavs would likely prefer a shorter contract.

The Cavs gave Smith a two-year, $10 million contract with a player's option for the second season prior to the 2015-16 campaign. That was after Smith declined a $6.4 million option on his previous contract, then failed to generate any real offers on the open market.

A team source said Smith would make 'far more' than the $5.3 million he would've earned from the Cavs had he exercised his contract option in June, but the team is reluctant now to meet an asking price the NBA market doesn't support.

Smith obviously was not a part of the league's spending spree on free agents in July -- where players like Mike Conley received contracts worth $153 million. There are some teams that still have the cap space to sign Smith, like the 76ers and Nets (Smith is from New Jersey, near both Philadelphia and Brooklyn), but none of the teams will be anywhere near competing for a championship this season.

And none have LeBron James, who on Instagram said to Smith "know I can't wait to get back to work on that court with u as my backcourt mate" as James wished him a happy birthday.

"Financially, you can always go somewhere else," Smith told Complex.com. "Team morale-wise, there are a few teams that I could see working. There are guys I would like to play with, guys I have played with. Being able to live in that city or a particular place, school systems, kids, family life -- [with] free agency, everything comes into play. Before, I could just sit there and be like, 'I don't care where I go.' But now I have the kids, and it's like, 'OK, what's the best fit?'"

Smith was asked if signing with Cleveland was his best option, and he said "yes and no...it depends on how you look at it."

The Cavs were not at risk of losing Thompson last year before he ultimately signed a five-year, $82 million extension because he was a restricted free agent. While the threat of his absence was a problem for their frontcourt depth, the negotiation was always going to end with Thompson playing for Cleveland.

Smith could find an offer elsewhere that works for him and leave. It would leave Cleveland in the lurch, to be sure, though the Cavs could eventually find a replacement in a trade later this season. But Smith has also shown little or no real interest in leaving James and the franchise that took him when he had a bad reputation across the league for his on- and off-court behavior.

Where the two sides find common ground, and when, remains to be seen.