LeBron James Re-Signs with Cavaliers: Latest Contract Details and Reaction

LeBron James came within two games of almost single-handedly bringing a championship to Cleveland this year. With a majority of the cavalry now healthy and minted to new long-term agreements, the four-time NBA MVP reaffirmed his commitment to the Cavaliers by agreeing to sign a two-year deal with the team.

Chris Broussard of ESPN.com reported the contract will pay $22.97 million in the first season and $24 million in the second year, which includes a player option. Brian Windhorst of ESPN.com confirmed the deal.

The Cavaliers made things official on July 10 with a quote from general manager David Griffin:

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"LeBron's re-signing today is a reflection and continuation of his strong, personal commitment to help deliver championships to Northeast Ohio and Cavs fans everywhere. We share this deep level of commitment with him. His impact upon this team, his community and the game are impossible to overstate and we look forward to continuing on our mission together."

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James spoke about signing the deal on Bleacher Report's Uninterrupted:

Jason Miller/Getty Images

James, 30, never took any meetings with other clubs, as his free agency was considered a formality. His decision to opt out of his player option for 2015-16 was largely financial, banking him an extra $1.4 million.

Voted the first vice president in NBPA history in February, James has been increasingly outspoken about his desire to maximize his financial value. It is largely expected he will re-enter free agency again after next season and seek another raise once the NBA's new television deal kicks in. James can also use his free-agent status as leverage over the Cavaliers to keep the team's roster competitive.

It's no coincidence James' re-signing comes after Kevin Love and Iman Shumpert inked long-term deals this offseason. Tristan Thompson's deal still needs to be completed, though it seems likely the Cavaliers will do everything in their power to retain the 24-year-old forward. 

Shumpert, Thompson, Love and James would take the Cavaliers well over the luxury tax before even accounting for guard J.R. Smith. Owner Dan Gilbert's exorbitant tax bill is the cost of doing business with the world's best player.

And, yes, James still boasts that title despite a bit of slippage on both ends in 2014-15.

James averaged 25.3 points, 7.4 assists and 6.0 rebounds last season—standard-affair numbers that also came with a decline in efficiency. After hitting more than half of his shots in each of his four years in Miami, James dipped to 48.8 percent overall and 35.4 percent from three. His rebounding average was also his lowest since his rookie year, and he showed inconsistent defensive tendencies—especially early in the season.

Much of the decline was a byproduct of James knowing his limits and preparing himself for a 100-game season. The two-week break he took in December and January to rest his body—viewed by some as a vacation—wound up paying dividends as his co-stars started dropping like flies in the postseason. Love was the first to go, dislocating his shoulder in the first round against the Boston Celtics. Kyrie Irving was limping around all postseason with knee issues, finally going down for good in Game 1 of the Finals.

Left as the sole offensive creator, James put together one of the most impressive Finals performances in history. He averaged 35.8 points, 13.3 rebounds and 8.8 assists in the six-game series, leading Cleveland to a 2-1 lead before the Cavs ran out of gas. James drew four of the 11 Finals MVP votes despite being on the losing side.

"I've been watching basketball for a long time, I'm an historian of the game," James told reporters. "I don't know any other team that's gotten to the Finals without two All‑Stars. I cannot remember thinking of it. I don't even know if it's ever happened, for a team to lose two All‑Stars and still be able to make it to the Finals."

Assuming everyone is back healthy, the talent won't be a problem next season for Cleveland. The Cavs were the best team in basketball for most of the second half last campaign, boasting an elite offense with a passable defense. If anything, the playoff run without Irving and Love taught the Cleveland brass that this roster could play passable defense over a seven-game series even without two of its best players.

With James, Love, Thompson and Shumpert back and another piece or two probably coming along, James may make good on his promise to bring a title to Cleveland just yet.

Follow Tyler Conway (@tylerconway22) on Twitter.