What do you give the player who has everything? Well, money is always welcome.
And if anything, LeBron James certainly has that, and more, now that his contract extension with the Cavaliers is official and historic.
He has reportedly agreed to a three-year deal worth $100 million and $33 million of that will make him the highest paid in the NBA next season. The numbers are come courtesy of Brian Windhorst of ESPN.com, who has details on the deal:
LeBron James has agreed to a three-year, $100 million contract with the NBA champion Cleveland Cavaliers, agent Rich Paul told ESPN.
The salary in the first year of the deal will be $31 million, making James the highest-paid player in the NBA for the first time in his career. The salary for the 2017-18 season will top $33 million, making him the highest-paid player in a single season in league history, topping the $33 million Michael Jordan earned with the Chicago Bulls in the 1997-98 season.
A source told ESPN that James has a player option for the third year.
James will sign the deal next week when he returns for his annual LeBron James Family Foundation charity event.
Over the past two years, James had accepted one-year contracts from the Cavs with player options. After considering his choices, James opted for a longer deal with the Cavs this summer.
LeBron is the last free agent of significance to sign this summer because, well, what was the rush? He was destined to get as much as possible from the Cavaliers, and so it was just a matter of how many years he wanted.
He could’ve elected to keep signing one-year contracts, or contracts with early escape clauses, which would’ve allowed him to keep getting big increases, since the salary cap is expected to rise yearly. There was some risk in doing that, namely injuries. However, LeBron is one of a select group of professional athletes whose off-court earnings dwarf his NBA salary, and therefore he didn’t need the financial security of a long-term deal. He could play the rising market, rather than lock himself into multiple years.
Whether LeBron’s salary next season makes him the highest-paid in NBA history isn’t clear. Jordan made $33.1 million in his final season with the Bulls. If LeBron’s salary is consistent and without yearly raises, then he’ll fetch $33.3 million in each of the next three seasons. In any event, he and Jordan are in exclusive company.
While LeBron may hold that “title” for the moment, keep in mind that the salary cap will take another leap next summer, when Steph Curry’s deal expires. Curry is expected to join the $30 million-a-season club then, and most likely with the Warriors.
The Cavaliers still have unfinished business. LeBron wants the club to re-sign J.R. Smith, and negotiations are ongoing. The Cavs have now tied up their top three players — LeBron, Kevin Love and Kyrie Irving — with multi-year deals. They are all but guaranteed to have the highest payroll in the NBA next season.