Shortly after 2:30 PM EST this afternoon, the defending champion Cleveland Cavaliers announced that they have released guard Jordan McRae. The move is presumably to make room on their roster for center Andrew Bogut, who committed to signing with the team last night.

McRae, a 25-year-old second year guard out of the University of Tennessee, averaged 4.4 points in 37 games for the Cavaliers this season (four starts), and played a key role in Cleveland’s run to the Larry O’Brien trophy last year.

McRae posted a photo to Instagram stating that he is proud to have been a member of Cleveland’s first championship title.

“All smiles here. Not a bad thing to say about any player or anybody that has anything to do with this organization. I’m proud to say I am apart of Cleveland’s first ever NBA championship. The memories I will take with me for the rest of my life. Best of luck to this great group of guys, brothers for life love you guys. Thanks Cleveland.”

Since McRae, who’s $875,000 salary became guaranteed in January, was waived today, he’ll be eligible to participate in this year’s playoffs if he is picked up by a contending team.

Thank you for your service to our great city and team, Jordan. Good luck on the rest of your NBA career!