Yes. Yes he is. J.R. Smith is still technically a free agent.
As one of the key cogs on a newly minted NBA championship squad, Smith figured he could capitalize on that cache to the tune of a big payday. He figured wrong, chiefly because his reputation as a head case precedes him, much as it did last season when he opted out of $6.4 million in guaranteed money to dip into free agency. He eventually had to settle for a short term deal (a 2-year, $10.3 million contract with an opt-out option after the first season), for less annual money than he had been initially guaranteed.