CHICAGO: Anderson Varejao has re-signed with the Cavaliers, the team announced hours before facing the Chicago Bulls on Friday.
Terms of the deal were not disclosed, but a league source with knowledge of the talks said it was a three-year deal worth $30 million. The final year is non-guaranteed. Varejao is in the final year of a six-year, $49 million deal and would’ve been an unrestricted free agent next summer. But the return of LeBron James prompted both sides to strike a deal. Varejao is one of James’ favorite all-time teammates.
With Varejao out of the way, the Cavs have a few hours left before Friday’s midnight deadline to strike an extension with Tristan Thompson. Otherwise he’ll become a restricted free agent next summer and the Cavs will have the right to match any deal he receives.