Iman Shumpert Re-Signs with Cavaliers: Latest Contract Details, Reaction

Cleveland Cavaliers restricted free agent Iman Shumpert will remain with the team after agreeing to a new four-year, $40 million contract on Wednesday that features a player option in the final season.

Adrian Wojnarowski of Yahoo Sports reported the contract details and the option Shumpert has to opt out after three years. Ken Berger of CBSSports.com confirmed the news of Shumpert's re-signing.

Shumpert arrived in a midseason trade from the New York Knicks along with J.R. Smith and helped turn Cleveland into a legitimate contender. After a 19-20 start, the Cavs went on a tear and advanced to the NBA Finals only to lose to the Golden State Warriors in six games.

But untimely injuries to All-Stars Kevin Love and Kyrie Irving shortened Cleveland's rotation. By the latter stages of the Finals, Shumpert, superstar LeBron James and everyone playing big minutes for the Cavs were extremely fatigued.

The Associated Press' Tom Withers was critical of Shumpert and Smith when they failed to contribute much during the Finals:

It's been evident since the Cavs' season-ending press conference that general manager David Griffin still fully intended to retain Shumpert with a $4,433,683 qualifying offer, per ESPN Cleveland:

Now the Cleveland brass have rewarded Shumpert even more handsomely for his role in catalyzing the Cavs, particularly with his relentless effort and knack for frustrating many opponents' best scorers.

After struggling on defense to begin the season, Cleveland got a big boost from Shumpert, who is one of the better on-ball perimeter defenders in the Association. He had a net rating of 12.3 in 15 games during March, and he boasted a defensive rating of 97.1 and 97.7 in February and April, respectively, per NBA.com.

Still in his mid-20s and boasting a respectable three-point shot (35.5 percent this postseason), Shumpert is quite a bargain player whom the Cavs figure to ultimately keep.

Even though Cleveland could have matched any offer sheet Shumpert signed as a restricted free agent, the Cavs weren't about to let it get to that point. They need Shumpert's defensive tenacity and the sheer depth he provides. The backcourt rotation is rather thin beyond Irving, which was exposed late in the playoffs.

There's still room for Shumpert to get better at this early stage in his NBA career as a 25-year-old. With a full camp to acclimate to his new team, he figures to shine even brighter alongside James, Irving and Co. this next season.     

Salary information courtesy of Spotrac.com unless noted otherwise.