CLEVELAND (AP) — Donovan Mitchell has agreed to a four-year, $273 million contract extension with the Cleveland Cavaliers, a person familiar with the deal told The Associated Press on Tuesday.
The person spoke to the AP on condition of anonymity because the extension had not been announced. Tuesday was the first day that the Cavaliers could offer Mitchell the extension. The seven-time All-Star had two seasons remaining on his contract and could have
waited to re-sign until next summer, when he would be eligible for a five-year supermax deal worth $350 million.
The extension includes a $76 million player option for the 2030-31 season and a full trade kicker, the person said.
“I love it here. I don’t know how else to say it. I have no doubt these guys can get there. We have unfinished business," Mitchell said on May 25 after the Cavaliers were swept by the New York Knicks in the Eastern Conference finals.
For now, it is the fourth-biggest contract in terms of total value in NBA history behind the $314 million contract Boston gave to Jayson Tatum, the $285 million deal that the Celtics gave to Jaylen Brown -- who now plays for Philadelphia -- and the $276 million deal that Nikola Jokic currently has with Denver.
That assumes Mitchell will pick up a player option worth nearly $76 million for 2030-31. The average annual value of just over $68 million is, for now, an NBA record, barely passing the $67.9 million average value of the deal that Shai Gilgeous-Alexander has with Oklahoma City.
“When we have a superstar of his caliber that wants to be in Cleveland, that’s our best ambassador, that’s our best recruiter. There’s guys that are here that wouldn’t be here without him, quite frankly,” Cavaliers’ president of basketball operation Koby Altman said about Mitchell and an extension on May 29. “So I think the bigger question is, the one that’s been answered is, does he want be here and does he want to be here long term? And I think he’s answered that.”
The 29-year-old Mitchell led the Cavaliers this past season to their first conference final since 2018. He averaged 27.9 points, 5.7 assists and 4.5 rebounds during the regular season, along with 26 points in the playoffs.
Mitchell is averaging 26.7 points in four seasons with Cleveland since he was traded by the Utah Jazz in 2022.
Mitchell's extension is the first in what is likely to be a series of moves for the Cavaliers. There is the possibility LeBron James could return to his hometown franchise, which he led to its first championship in 2016. James Harden — whom the Cavaliers acquired at the trade deadline — also is considering a new deal to remain with Cleveland after turning down his player option for 2026-27.
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AP Basketball Writer Tim Reynolds in Miami contributed to this report.
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