LeBron's Cavaliers deal is short-term: Report

Cleveland Cavaliers LeBron James pauses during play against the Boston Celtics during the second...

Cleveland Cavaliers LeBron James pauses during play against the Boston Celtics during the second quarter in Game 3 of their NBA Eastern Conference playoff basketball series in Boston in this file photo taken May 7, 2010. (REUTERS/Adam Hunger/Files)

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, Last Updated: 11:55 PM ET

The day after LeBron James announced that he's returning to Cleveland, ESPN reported that he reached agreement on a contract with the Cavaliers on Saturday.

The deal is for two years and $42.1 million. James took a short-term deal because he hopes to maximize his earning potential by re-signing for the 2016-17 season when a new television contract is expected to boost salaries, according to ESPN.

Under terms of the contract, James has an option to become a free agent after the 2014-15 season, but ESPN reported that he is committed to the Cavaliers over the long haul.

Because the salary cap could jump to $80 million two years from now, James and his representatives negotiated the two-year contract. According to ESPN, a league collective bargaining agreement that begins in 2017 also prompted James to sign for a shorter period. The contract terms was put together by James' agents, Rich Paul and Mark Termini, both based in Cleveland.

James wrote in an essay for Sports Illustrated on Friday that he was leaving the Miami Heat after four years to return to Cleveland to play for the Cavs. "The King" grew up in nearby Akron and began his career with the Cavaliers before bolting in 2010 for Miami, where he won two NBA championships.

Saturday in Rio DeJaneiro, Brazil, at a promotional appearance for Nike, James told USA Today that it's "an exciting time" to rejoin the Cavs.

He then added, "It's going to be unbelievable. I'm looking forward to the challenge."

When asked why he came to Rio for soccer's World Cup final game on Sunday, James said, "Just the excitement. The excitement of football, the excitement around the world. It brings everybody into the sport, and I'm happy to be a part of the excitement now that I'm here."


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