Life is full of "what ifs" and mistakes. For J.R. Smith, it appears as if he (or his agent) made an error this offseason. Smith decided to opt out of his contract with Cleveland Cavaliers that would have guaranteed him $6 million because of his player option status.

Smith bet on himself and it looks like he lost.

Still unsigned, it looks very unlikely that any NBA team will give Smith $6 million per year heading into next season. Hypothetically, if the Cavaliers did re-sign Smith to a one-year $6 million contract, it would result in $16 million in luxury taxes because of the NBA rules and the fact that Smith opted out.

Still, Smith is a good player who has great shooting abilities. He's extremely inconsistent, but he still provides a perimeter threat from beyond the arc. Despite being acquired midseason from the New York Knicks via trade, Smith still led the Cavaliers in three point shots made per game last season with 2.8. Smith also went on to lead the Cavaliers in three point shooting in the playoffs as they made it to the NBA Finals against the Golden State Warriors.

The best thing that has helped LeBron James thrive over his career is having a reliable three point shooter by his side.

Which brings us to an older veteran player who will one day be in the Hall of Fame. The greatest three point shooter in NBA history, Ray Allen, is still a free agent. Allen decided to take last year off to reflect on his life and get well rested. ESPN's Michael Wilbon suggested on "Pardon The Interruption" that Allen would be a terrific fit in Cleveland, and the Cavaliers should pursue Allen considering that Smith opted out.

Allen recently turned 40 years old, but odds are he can still shoot the ball effectively. Allen is also a great team leader with much experience having won NBA Championships with the Miami Heat and Boston Celtics. James, who is basically the Cavaliers' general manager, should know first-hand about Allen's greatness. In Game 6 of the 2013 NBA Finals, James missed a potential game tying shot with less than 10 seconds left, but Allen (after getting a pass from a Chris Bosh rebound) sunk the greatest three pointer in NBA history.

James and Allen work very together, and Allen won't hurt the Cavaliers salary cap much going forward. The issue with Allen is age and stamina. Taking a year off does leave some doubt, and he is 11 years older than Smith. If signed, Allen would obviously be nothing more than spot up three point shooter off the bench. There's no problem with that, by the way. Smith could provide a little more with his younger age, but he'll cost more and his inconsistent shooting doesn't paint a pretty picture. Allen is also a far superior free throw shooter.

Given his age and list of all-time accomplishments, Allen will more than likely choose retirement or only sign with a competing team. Playing next year on a rebuilding team doesn't seem very optimistic for Allen, which is why the Cavaliers make for a perfect fit. With the Cavaliers, Allen will get plenty of rest, a lot of shots, and a chance at a third NBA title.

Follow Damon Salvadore on Twitter @DamonSalvadore1