NBA free agency tracker: Live updates, news as Klay Thompson picks Dallas; Paul George, Tyrese Maxey agree to deals with 76ers

After taking care of their first order of business by hiring Kenny Atkinson to be their new head coach, the Cavaliers have now checked the most important item off their summer to-do list, agreeing to terms with Donovan Mitchell on a new three year, $150.5 million maximum contract extension, according to ESPN’s Adrian Wojnarowski.

So why not a four-year extension worth over $200 million? It appears that this deal is structured to give all parties what they really want. According to Woj, this deal gives the Cavs “the stability of their franchise player under contract beyond next season.” For Mitchell, he is now on the “fast-path to the 10-year service criteria allowing him to pursue a 5-year, $380M-plus extension in 2027.”

Since landing in Northeast Ohio in September 2022, Mitchell has played the best basketball of his seven-year career, averaging 27.5 points, 4.6 rebounds, 5.2 assists and 1.6 steals per game across two seasons in Cleveland. He led the Cavs to consecutive postseason appearances, including the franchise’s first playoff series win since LeBron James left for Los Angeles — and its first series win without James since 1993 — with a first-round victory over the Orlando Magic back in April.

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