Lost in all of the news surrounding LeBron James’ return to Cleveland was official word that the team inked All-Star point guard Kyrie Irving to his contract extension. While the deal is set to conceivably keep Irving in Wine and Gold through 2020, the former No. 1 pick can opt out after his fourth season.
Here are the details per Yahoo!’s Adrian Wojnarowski:
The terms of Cleveland star point guard Kyrie Irving’s five-year, $90 million contract will include an early termination option for the 2019-20 season and a 15 percent trade kicker. […] Irving’s deal includes the “Derrick Rose” provision, which allows Irving to gather 30 percent of the Cavaliers’ salary-cap space instead of 25 percent.
Blake Griffin and Paul George are the only other designated player to receive the ability to opt out after their fourth season of the extension. To get his player option, George had to drop his Rose-rule-raised salary from 30 percent to 27 percent. Griffin, though, got his full 30 percent along with an early termination option, meaning that Irving’s contract has exactly one peer—and it just so happens to belong to one of the most explosive players in the league.
The full value of Irving’s extension will not be known until the 2015-16 salary cap is set next July. If the cap rises by the same amount it did this past year, the baseline would be roughly $90.7 million. Having been voted into the All-Star game last season, Irving would trigger the Derrick Rose rule – raising his contract to $108.8 million based on the the same projected cap – only by winning MVP or being voted as an All-Star starter this coming season.
Between Irving, James and (potentially) other free agents, Dan Gilbert’s checkbook will be getting plenty of burn over the next four years.
(AP Photo/Mark Duncan)