Kevin Love is a wealthy man today. The Cleveland Cavaliers and their All-Star forward have reportedly agreed to a huge four-year contract extension. The new deal is expected to be announced at a ceremony at the Cavs' arena later today.
The numbers: four years, $120 million.
This puts Love's current deal at five years and $145 million. He has one year and $25 million left on his current contract and the extension will kick in in 2019.
Why are the Cavs doing this?
Sure, Love is a good player, but it's still kind of puzzling that Cleveland, which probably isn't going to be a playoff team, would want to pay him $30 million/year when he's in his 30s.
ESPN has details on why this decision was made. Basically: the Cavs want to make the playoffs.
In the aftermath of LeBron James' departure in free agency to the Los Angeles Lakers, the Cavaliers aggressively pushed to secure Love, 29, for the long-term. Owner Dan Gilbert and GM Koby Altman have been determined to keep the Cavaliers a playoff team, and that plan included keeping Love out of free agency in 2019.
It's tough to imagine the Cavs making the playoffs, but good for Kevin Love.