The Cavaliers did not release the terms of the deal, but multiple media reports have indicated that the deal is for two years and worth $24 million.
Bynum, 25, did not play a single game for the Philadelphia 76ers last season because of problems with his knees that required surgery.
Bynum's best season was 2011-12 with the Los Angeles Lakers, when he averaged 18.7 points and 11.8 rebounds.
The Houston Rockets have re-signed guard Aaron Brooks to a one-year deal and signed unrestricted free agent guard Reggie Williams to a multi-year contract.
Brooks played in just seven games for Houston last season, averaging 1.4 points and 0.9 assists.
Williams averaged 3.7 points for Charlotte last season.
The Detroit Pistons have signed draft picks Kentavious Caldwell-Pope and Tony Mitchell to contracts.
Caldwell-Pope, a guard, was taken with the No. 8 pick in the June draft. He averaged 13.8 points, 3.8 rebounds, 1.4 assists and 1.8 steals in 28.6 minutes over five Summer League games in Orlando.
Mitchell, a forward, was drafted in the second round (No. 37 overall). He averaged 7.8 points and 6.8 rebounds in 25.4 minutes over five Summer League games.
The Sacramento Kings have signed second-round draft pick Ray McCallum.
McCallum was the 36th overall pick out of the University of Detroit.
The Los Angeles Lakers have hired Mark Madsen and Larry Lewis of the Los Angeles D-Fenders as player development coaches.