For the third offseason in a row, LeBron James will be a free agent. For the second offseason in a row, there’s little doubt about where he’ll sign.
The 2016 NBA Finals MVP has decided not to exercise his player option for the 2016-17 season, thereby putting him on the open market when free agency begins July 1. However, this move was considered highly likely and does not jeopardize LeBron’s promised return to Cleveland following the franchise’s first championship. It is almost entirely a financial decision.
Chris Broussard of ESPN.com has the report:
Finals MVP LeBron James will not exercise his player option with the Cleveland Cavaliers for the 2016-17 season, according to his agent, Rich Paul.
James, who had to inform the Cavs of his decision by Wednesday at midnight, will become a free agent July 1 for the third straight summer. He was slated to earn $24 million next season.
“I love it here in Cleveland. I have no intentions of leaving,” James told ESPN’s Dave McMenamin during the Cavaliers’ championship parade. “There are some technicalities to take care of I’ll leave up to my agent. That’s right from the horse’s mouth.”
On Tuesday night, however, Paul gave no insight into what type of contract his client would eventually sign with the Cavs or what the timetable is for his expected return to Cleveland.
Again, the financials made the opt-out a no-brainer for James. If he signs a one-year contract (or similar opt-out deal) for 2016-17, he can make roughly $3 million more than he would have under the terms of the prior contract. James could then sign a multi-year deal worth well north of $30 million per season next summer, when the cap could rise to more than $100 million. If LeBron chooses to sign that long-term deal this July instead, he’ll still earn approximately $30 million per season.
Although his agent gives no indication of which deal LeBron wants to sign, it’s a safe bet that the Cavaliers will let him do whatever he wants. James proved in the NBA Finals that he remains a transcendent player when necessary. Furthermore, he’s now a folk hero in Cleveland. The franchise needs him and will submit to any terms as long as he is present to receive his championship ring on opening night.
LeBron’s forthcoming raise will only exacerbate the Cavaliers’ long-term cap issues, but that’s absolutely an acceptable trade-off given all he does for the team. This roster has been constructed for (and with considerable input from) James and would make no sense without him. It’s a good move as long as owner Dan Gilbert and his business partners are prepared to pay the luxury tax.
Clarifying LeBron’s status is by no means the only pressing issue for the Cavaliers and general manager David Griffin this offseason. Starting shooting guard J.R. Smith will be an unrestricted free agent, and the team is expected to consider trade offers for power forward Kevin Love.
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