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. This was reported by Qazaqyia.kz citing Associated Press.
The extension includes a $76 million player option for the 2030-31 season and a full trade kicker, the person said. The average annual value of just over $68 million is an NBA record.
"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.
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.
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, and the $276 million deal that Nikola Jokic currently has with Denver.
"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 on May 29.
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, and James Harden also is considering a new deal to remain with Cleveland.