Cleveland, OH (SportsNetwork.com) - While the Cleveland Cavaliers -- along with the entire sports world -- await LeBron James' latest decision on where he'll be taking his talents, the team officially declared it will have its current star under contract for the long term.
The Cavs formally announced that point guard Kyrie Irving has signed an extension during Thursday's first day of the NBA's free agent period.
Though terms of the deal were not released by the team, Irving is believed to have received a maximum five-year, $90 million offer. The 2011-12 Rookie of the Year was entering the final year of his rookie contract.
Cavaliers owner Dan Gilbert had publicly confirmed the agreement via Twitter back on July 1, when the league's negotiating period got underway.
"Looking forward to the next 6 years of @KyrieIrving in CLE. Just shook hands & intend to sign on the 10th. Can't be more excited about @cavs," Gilbert wrote.
The first overall pick of the 2011 draft, Irving has averaged 20.7 points, 5.8 assists, 3.7 rebounds and 1.4 steals over 181 career games with Cleveland. The two-time All-Star averaged 20.8 points, 6.1 assists and 3.6 rebounds in 2013-14, one of only six players to put up at least 20 points and six assists per game last season.
"We couldn't be happier to have Kyrie firmly at the core of our Cavaliers team and family for years to come," said Cavaliers general manager David Griffin. "He's already proven he's among the best in the NBA and we're excited to watch his continued growth and success. To know that he is all in and shares our high expectations and championship goals is something we're extremely proud of. It is a clear reflection of how we all view our future together, with Kyrie fully vested in this franchise and the city of Cleveland."
Even with their big commitment to Irving, the Cavaliers are expected to still have enough cap space to sign James to a max contract if the four-time league MVP does decide to return to Cleveland. The team was able to shed payroll with Thursday's three-team trade that sent veteran point guard Jarrett Jack and forward Sergey Karasev to Brooklyn, with center Tyler Zeller also going from the Cavs to Boston as part of the transaction.