A few minutes ago LeBron's agent called to confirm he will accept the Cavs offer. Ohio.com personnel are working to get more content up on the site. More here and at Ohio.com later and plenty in tomorrow's Beacon Journal.
The deal is five years, estimated at $79 million with an opt-out clause following the fourth year of the extension.
UPDATE: The final terms of the deal have yet to be finalized. However, I am quite sure LeBron will take the five years and he'll get the opt out. Everybody gets it and most use it. However, the home team advantage only increases because the size of the dollars grows. Kobe Bryant opted out and re-signed two years ago, Tracy McGrady and Shaquille O'Neal did last year, Allen Iverson and Kevin Garnett did three years ago. Paul Pierce will next year.
It is not something to get all flustered about, it is standard. Its exact term is Player ETO (Early Termination Option) and comes on fourth year of a contract that is at least five years in length. Ira Newble has an ETO for next year, which he won't take I'm sure. Zydrunas Ilgauskas has an ETO in June of 2009. Larry Hughes does not have one.