Mitchell agrees to four-year, $273m extension with Cavs

CLEVELAND — Donovan Mitchell has agreed to a four-year, $273 million contract extension with the Cleveland Cavaliers, a person familiar with the deal told reporters on Tuesday.

The person spoke on condition of anonymity, because the extension had not been announced.

Tuesday was the first day that the Cavaliers could offer Mitchell the extension.

The seven-time All-Star had two seasons remaining on his contract and could have waited until next summer to re-sign, when he would have been eligible for a five-year supermax deal worth $350 million.

The extension includes a $76 million player option for the 2030-31 season and a full trade kicker, the person said.

"I love it here. I don't know how else to say it. I have no doubt these guys can get there. We have unfinished business," Mitchell said on May 25 after the Cavaliers were swept by the New York Knicks in the Eastern Conference finals.

For now, it is the fourth-biggest contract in terms of total value in NBA history behind the $314 million contract Boston gave to Jayson Tatum, the $285 million deal that the Celtics gave to Jaylen Brown — who now plays for Philadelphia — and the $276 million deal that Nikola Jokic currently has with Denver.

That assumes Mitchell will pick up a player option worth nearly $76 million for 2030-31. The average annual value of just over $68 million is, for now, an NBA record, barely passing the $67.9 million average value of the deal that Shai Gilgeous-Alexander has with Oklahoma City.

"When we have a superstar of his caliber that wants to be in Cleveland, that's our best ambassador, that's our best recruiter. There's guys that are here that wouldn't be here without him, quite frankly," Cavaliers' president of basketball operation Koby Altman said about Mitchell and an extension on May 29. "So, I think the bigger question is, does he want to be here and does he want to be here long term? And I think he's answered that."

This past season, the 29-year-old Mitchell led the Cavaliers to their first conference final since 2018.

He averaged 27.9 points, 5.7 assists and 4.5 rebounds during the regular season, along with 26 points in the playoffs.

Mitchell is averaging 26.7 points in four seasons with Cleveland, since he was traded by the Utah Jazz in 2022.

Mitchell's extension is the first in what is likely to be a series of moves by the Cavaliers. There is the possibility LeBron James could return to his hometown franchise, which he led to its first championship in 2016. James Harden — whom the Cavaliers acquired at the trade deadline — is also considering a new deal to remain with Cleveland after turning down his player option for 2026-27.

Lowry retires as a Raptor

Kyle Lowry delivered on his final promise as a player: He long vowed to re-sign with the Toronto Raptors so he could retire as a member of that franchise.

And, on Tuesday, he made that happen.

Lowry — one of 12 players in NBA history to play 20 seasons in the league — announced on social media that he is signing with the Raptors and will retire, ending his career with the team that he helped lead to the 2019 NBA championship and in the city that he considers home.

It's a ceremonial one-day contract, and Lowry confirmed that plan before a scheduled news conference in Toronto later Tuesday. The date of the announcement — July 7, or 7/7 — is a clear nod to the No 7 jersey he wore with the Raptors.

"Thank you to my family, my friends, my teammates, my coaches, my opponents, the staff, the media and especially the fans," Lowry said."It's all about you. I appreciate you. Thank you. Thank you, Toronto. Thank you, Canada. And, as I always told y'all, it's officially happening. I'm retiring as a Toronto Raptor — 20 years and one day."

Tributes immediately started pouring in after Lowry posted the video, many paying homage to the player whom Toronto fans call the GROAT — the Greatest Raptor of All-Time.

The 40-year-old Lowry is a Philadelphia native who played in college for Villanova before entering the NBA in 2006. For now, he's one of only two point guards to play 20 seasons — Chris Paul is the other, and Mike Conley Jr will join that list this season.

Lowry ended his playing career in his actual hometown, spending this past season with the 76ers and appearing in 14 games. Formally, however, he called it a career in the city that he considers home, Toronto, the place where he became both an All-Star and a champion.

AP