Taylor spent last season with the Atlanta Hawks, averaging 6.6 points and 3.1 assists per game in 67 appearances. The undrafted free agent originally signed with the Houston Rockets but spent most of his 2016-17 season in the G League (then known as the D-League).
The 24-year-old hasn't had much consistency at the NBA level, but he showed quality flashes during the past year for a lackluster Hawks team.
Taylor averaged 10.5 points and 4.5 assists per game after the All-Star break, starting nine of his 23 games. He scored 26 points against the Houston Rockets and totaled 20 points and eight assists against the Minnesota Timberwolves.
This type of effort against playoff teams shows the young player has plenty of upside going forward.
Cleveland will try to tap into that potential, and it could use it after LeBron James signed with the Los Angeles Lakers in free agency.
The top two point guard spots are likely already accounted for in veteran George Hill and rookie Collin Sexton, but there should be minutes available for Taylor next season.