CLEVELAND (AP) — Donovan Mitchell is staying in Cleveland for the long haul. A source with knowledge of the situation told the Associated Press on Tuesday that the star guard has agreed to a four-year, $273 million contract extension with the Cavaliers.
The source requested anonymity because the deal had not yet been officially announced. Tuesday marked the earliest date the Cavaliers were permitted to offer Mitchell an extension. The seven-time All-Star still had two years left on his existing contract and could have held off on signing until next summer, when he would have been eligible for a five-year supermax deal valued at $350 million.
According to the source, the extension includes a player option worth $76 million for the 2030-31 season, along with a full trade kicker.
Mitchell had already made his feelings about Cleveland clear. Speaking on May 25 following the Cavaliers’ sweep at the hands of the New York Knicks in the Eastern Conference finals, he 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.”
Assuming Mitchell exercises his player option for 2030-31, the deal currently ranks as the fourth-largest contract by total value in NBA history. It trails the $314 million deal Boston gave to Jayson Tatum, the $285 million agreement the Celtics made with Jaylen Brown — who now suits up for Philadelphia — and the $276 million contract Nikola Jokic holds with Denver.
The average annual value of Mitchell’s extension comes in at just over $68 million, which stands as an NBA record, narrowly topping the $67.9 million average annual value of the contract Shai Gilgeous-Alexander holds with Oklahoma City.
Cavaliers president of basketball operations Koby Altman spoke glowingly about Mitchell on May 29, hinting at the extension discussions. “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,” Altman said. “So I think the bigger question is, the one that’s been answered is, does he want to be here and does he want to be here long term? And I think he’s answered that.”
The 29-year-old Mitchell guided Cleveland to its first conference finals appearance since 2018 this past season. During the regular season, he averaged 27.9 points, 5.7 assists, and 4.5 rebounds per game, and added 26 points per game in the postseason.
Since arriving in Cleveland after being traded by the Utah Jazz in 2022, Mitchell has averaged 26.7 points per game across four seasons with the Cavaliers.
This extension is expected to be just the first in a series of roster moves for Cleveland. The franchise is also exploring the possibility that LeBron James could return to the team he led to its first-ever championship in 2016. Additionally, James Harden — acquired by the Cavaliers at the trade deadline — is weighing whether to sign a new deal with Cleveland after declining his player option for the 2026-27 season.
