Las Vegas -- The Cavs and LeBron James have finished his contract extension talks. LeBron has agreed to a three-year extension with a player option for a fourth year. The Cavs will announce it sometime after midnight tonight. Both Danny Ferry and Leon Rose, James' agent, were here today at summer league, where they met to get it done.
Neither would talk to me on the record because the moratorium period is still on. I asked Leon if he wanted me to write anything that could somewhat explain to Cavs fans why LeBron didn't want the extra year and he simply said: "You've already written it on your blog."
So, first, thanks for reading, Leon. Second, I guess just read below and some version of that will be explained when LeBron has his press conference officially announcing the deal. I'm not exactly sure when LeBron will put ink to paper, but the press conference will probably be celebratory yet won't happen in the next few days.
My projections by making an educated guess at next year's salary cap have the deal worth $43 million over with, with the option year worth about $17 million.
I would strongly encourage fans not to worry too much about four years from now. Everything changes fast in the NBA, there's no way to predict what the landscape will look like. Four years ago the Cavs were about to embark on a 17-win season and the Miami Heat's future looked so bleak Pat Riley was about to quit as coach.
James isn't going anywhere and he's going to get paid, that is today's story as it was three years ago when he entered the NBA. Who's to say that won't be the story in 2010?