Cavaliers exercise option on guard Dion Waiters

Guard Dion Waiters is expected to have a breakout season this year for the Cleveland Cavaliers. AP

CLEVELAND — The Cavaliers have exercised the fourth-year contract option on guard Dion Waiters, a former first-round pick who could have a breakout season in Cleveland’s new offense.

The Cavs were expected to pick up the option worth $5.1 million on Waiters and did so Saturday. Waiters averaged 15.3 points last season, but could get more open shots now that LeBron James, Kyrie Irving and Kevin Love will be occupying defenses.

Waiters started just 24 games last season but he will be with the first five in the backcourt alongside Irving this season. Waiters spent the offseason working on his jump shot.

The Cavs selected Waiters with the No. 4 overall pick in 2012.

The team also waived forward Shane Edwards, meaning point guard A.J. Price, forward Lou Amundson and undrafted rookie center Alex Kirk made the final 15-man roster.

Cleveland opens the season on Thursday at home against New York.