LeBron James declines player option, becomes free agent

By Anthony Caruso III | Publisher

LeBron James is now a former member of the Cleveland Cavaliers …. at least for now. James declined his $24 million option for the 2016-17 season.

Everyone knew that he was going to do this, but it wasn’t official until early Wednesday morning. While there’s been talk that he could potentially sign with the Los Angeles Lakers or the Miami Heat, he made it clear that he’ll re-sign with the Cavaliers.

Since returning to the Cavs, he’s been playing under a two-year deal. It’s a one-year deal with an option for the following season; however, James would opt out.

LeBron James (Getty Images)

LeBron James (Getty Images)

After winning the The Finals over the Golden State Warriors, he said that he has no intentions of leaving. His agent Rich Paul already has his sights on signing a new deal on his adopted hometown.

Depending on the type of deal he signs this summer, he could earn nearly $30 million before opting out again for more money. The National Basketball Association‘s new TV deal comes into play next summer and the salary caps are already sky-rocketing.

There’s no timetable, according to Paul, on when James would sign his new deal. The Cavaliers only hold his Early Bird rights for James, which would allow for a 30% increase from the $24 million he made last season.

Things could get a little complicated if he signs for longer than two-years, as a non-bird agreement would allow him to opt out next summer. That would also mean a higher increase in salary that he could receive.

“I love it here,” James said during the Cavaliers Championship parade in Cleveland. “I love being here. I love my teammates. Obviously my agent will take care of all the logistical things, but I’m happy. I’ve got no plans to go nowhere at this point.”

Any Corrections?. You can contact Anthony at publisher@thecapitalsportsreport.com.

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