In the wee hours of Tuesday morning, the Cleveland Cavaliers took a big step in the right direction in locking up Kyrie Irving.
According to reports, Irving will sign a five-year, $90 million contract extension that will keep him with the Cavaliers until 2020. Irving’s new deal cannot officially be signed until July 10.
In what is exciting news for Cleveland sports fans, and with the Cavaliers securing Irving—in addition—to the positive changes in the last ten days in hiring of Euro league coach David Blatt and acquiring Andrew Wiggins and Irving singing his extension, the Cavaliers can go far in 2014.
Cleveland has more than $15 million in salary cap room available but that could rise when the league finalizes the 2014-15 cap with revenues from the completed season but with the moving around of players, the new projected cap amount could be over $63 million.
The Cavaliers are expected to make pitches to LeBron James. Will he accept? Only time will tell.
Reports are saying he wants the maximum amount that can be offered to him by the Heat. Cleveland might be able to afford him if they do some smart trading to free up salary cap room.
The Cavaliers are likely to renounce the rights to free agents Luol Deng, Spencer Hawes and C.J. Miles. Hawes and Miles are planning to resign with Cleveland but are going to explore the open market first.
Deng was never guaranteed to stay in Cleveland and could part ways.
There are eight players under contract for next season: Kyrie Irving, Jarrett Jack, Anthony Bennett, Tristan Thompson, Dion Waiters, Brandon Haywoood, Tyler Zeller and Sergey Karasev.
Anderson Varejao, Scott Hopkins, Carrick Felix and Matthew Dellavedova are under partially guaranteed contracts for next season. Andrew Wiggins hasn’t signed a contract yet.
No one is safe from being traded especially if Cleveland wants to clear money to acquire James.
The clock is ticking in free agency now, let’s see what what owner Dan Gilbert and general manager David Griffin continue to do to put the Cavaliers franchise back on track again as contenders.