Parker, 34, received a two-year, $6 million deal with the Cavs.
Most observers are assuming he'll come off the bench with the Cavs behind Delonte West at shooting guard.
The Cavs are talking to the agent of Matt Barnes about the forward joining the team. They have about $2.8 million remaining to their mid-level exception. They might try to sign Barnes with the $2 million bi-annual exception, and save what's left of their mid-level for a later date.
The Parker signing gives the Cavs 13 players, but only 10 with guaranteed contracts.