Here's Why LeBron James Turned Down $24 Million and Is Opting Out of His Cavs' Contract

LeBron James

Here's Why LeBron James Turned Down $24 Million and Is Opting Out of His Cavs' Contract

The King has a plan to maneuver around The Land.

Published June 29, 2016

LeBron James is one smart dude.

Having led the Cleveland Cavaliers to an NBA title victory nearly two weeks ago, giving "The Land" its first major sports championship in 52 years, King James isn't about to break the hearts of the city's faithful for the second time. He is, however, about to leverage more cash for next season. As he should!

While King James has already vowed to return to the Cavs, he's not exercising his player option to earn $24 million next season and will become a free agent at the stroke of midnight Wednesday, his agent, Rich Paul, confirmed with ESPN.

That being said, James re-signing with the Cavs so that he could lead their title defense is considered nothing more than a formality at this point and a way for him to earn more money.

With the NBA's salary cap slated to rise to a reported $92 million next season, James can stand to make about $30 million per season via a new multi-year deal. ESPN reports that even if he resorts to signing another one-year contract for next season, it would be $27.5 million, which is still $3.5 million more than the $24 million his option would have given him.

Whatever the magic number winds up being, King James has already vowed to keep his throne planted in Cleveland.

"I love it here in Cleveland. I have no intentions of leaving," James told ESPN three days after winning the title. "There are some technicalities to take care of I'll leave up to my agent. That's right from the horse's mouth."

After unanimously being voted the Finals' MVP, averaging 29.7 points, 11.3 rebounds and 8.9 assists per game, King James left zero doubt that he's the best player on the planet. Sorry, Stephen Curry.

LeBron will be worth every penny via a new deal.

Why should the King settle for less, when he's doing the most?

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Written by Mark Lelinwalla

(Photo: Beck Diefanbach/AFP/Getty Images)


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