On December 14, 2011, the Cavaliers waived Davis via the amnesty clause. He still made the $30 million over the two years left on his contract, but it did not count against Cleveland's salary cap. The Cavaliers had drafted Kyrie Irving with their first overall pick, and wanted to give him the starting point guard spot, allowing Davis to seek a starting job on a contending team. The Knicks, Heat and Lakers were in the market for a point guard at the time.