LeBron James has reportedly opted out of his $24 million contract with the Cleveland Cavaliers for the 2016-17 NBA season. James is expected to sign a new deal with the Cavaliers once free agency begins on July 1.
This is the third straight year James has declined the player option to become an unrestricted free agent, ESPN’s Chris Broussard reports. James’ agent, Rich Paul, offered no indication as to what kind of contract James wants to secure, but he is expected to re-sign with the Cavaliers.
LeBron celebrates the Cavs first NBA championship at the victory parade (Photo by Jason Miller/Getty Images)
ESPN’s Chris Broussard was the first to report on James’ decision to opt out late Tuesday night. He broke the news in a series of tweets:
LeBron James will not exercise his player option with the Cavs for next season, according to agent Rich Paul. Deadline was Wed @ midnight
— Chris Broussard (@Chris_Broussard) June 29, 2016
On 7/1, James becomes free agent for 3rd straight year. Tho James said he’ll return 2 Cavs, Paul gave no timetable for signing of new deal
— Chris Broussard (@Chris_Broussard) June 29, 2016
With huge salary cap increase, James is eligible for max salary of roughly $30 million. Exact amount not known until July 7
— Chris Broussard (@Chris_Broussard) June 29, 2016
Although LeBron is a free agent once again, Cavs fans should feel pretty confident in his return. “I love it here. I love being here. I love my teammates,” James told cleveland.com before the Cavs’ championship parade. “Obviously my agent will take care of all the logistical things but, I’m happy.”