Kevin Love signs 4-year, $120M extension with Cleveland Cavaliers

Cleveland Cavaliers forward Kevin Love signed a four-year, $120 million contract extension that tops out his overall deal at five years, $145 million, league sources told ESPN on Tuesday.

Love, a five-time All-Star, opted out of the 2019-20 season on his current five-year deal, league sources said, and he will get his max in 2019-20 ($24.1 million) and 2020-21. His salary is flat in the 2021-22 season and then decreases in 2022-23. 

He was eligible to sign for five years and $153 million, but he's leaving $8 million from his max.

"I'm just very excited and obviously humbled," Love said during a signing ceremony at Quicken Loans Arena in Cleveland. "I'd like to thank the Cleveland Cavaliers organization, [owner] Dan Gilbert and [general manager] Koby Altman for having their trust in me and believing in our future.

"When I got traded here a few years back, I was committed to being here long term and I was committed to our culture, excellence in playing the game of basketball. And I think who we have on our team and who we have moving forward really reflects that."

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. Gilbert and Altman have been determined to keep the Cavaliers in the playoff mix, and that plan included keeping Love out of free agency in 2019.

"We are very excited to announce Kevin's long-term commitment to the Cavaliers and Cleveland," Altman said in a statement. "This quickly became a partnership the second we began these discussions. Collaboration and winning matter greatly to Kevin and that was reflected in this extension.

"Kevin's talent and character are both at a very high level and he has earned his role at the center of what we want to do moving forward."

The Cavaliers acquired Love as part of a three-team trade prior to the 2014 season, and he's made the Eastern Conference All-Star team in each of the past two seasons. Love has averaged 18 points and 11 rebounds in his 10-year career, including 15 points and 9.7 rebounds in four trips to the playoffs with the Cavaliers.

Love shot 42 percent on 3-pointers last season, tying a career high, as the Cavaliers advanced to the NBA Finals. He played just 59 games, his fewest since the 2012-13 season.