LeBron James has signed a two-year contract worth $42.1 million with the Cleveland Cavaliers with the plan of re-signing with the team before the 2016 season when a new TV deal is projected to boost the value of players' contracts.
Part of the deal gives James the option to become a free agent next year although he is committed long-term to the Cavs, ESPN reported.
Cavaliers general manager David Griffin said in a statement, via ESPN: "We could not be happier to welcome LeBron James home. Yesterday, LeBron, through his essay, told us he wasn't going anywhere except Cleveland and that 'Cleveland is where he always believed he would finish his career.' These words and commitment put all of us, including LeBron, in the best position to build our franchise the right way and achieve the kind of goals we all know are possible. Expectations will be at the highest levels but no one should expect immediate and automatic success."
He continued: "We can't wait to get started and look forward to his leadership, on and off the court, for many years to come."
James is looking to maximize his earning potential with the uncertainty of the current collective bargaining agreement, and how the new TV contracts will be put together. ESPN says there is a chance that the salary cap of teams will increase to $80 million. In contrast, the upcoming season will have a salary cap space of around $63 million.
With James onboard, the Cavs are reportedly looking to sign free agent Mike Miller to bolster its line-up.
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