-As everyone knows, LeBron James announced Friday that he is returning to the Cleveland Cavaliers. James has agreed to a two-year, $42.1 million deal with the team with the goal of re-signing with the Cavs before the 2016-17 season when a new television contract is expected to create a large jump in value of the maximum.
As part of the deal, James will have an option to become a free agent next summer but is fully committed to the Cavs long term.
Depending on how the new television contracts are put together, the salary cap is supposed to leap to as high as $80 million in 2016. There is also uncertainty with the current collective bargaining agreement starting in 2017, another reason James wanted to keep his long-term options open when it comes to the structure of his contract.
Because of James' off-court earnings, which top $40 million per year according to some estimates, allows for him to take some short-term risk to maximize long-term earnings.
As for the rest of the free agent movement, it goes as follows:
Carmelo Anthony agreed to a 5 year, $122M deal to stay with the New York Knicks
Chris Bosh agreed to a 5 year, $118M deal to stay with the Miami Heat
Dirk Nowitzki agreed to a 3 year deal to remain with the Dallas Mavericks
Pau Gasol agreed to 3 year, $22M with the Chicago Bulls
Luol Deng agreed to a 2 year, $20M deal with the Miami Heat
Gordon Hayward agreed to a 4 year, $63M offer with Charlotte that was matched by Utah. He will return to Utah.
Chandler Parsons agreed to a 3 year, $46M deal with the Dallas Mavericks
Nikola Mirotic will come from Real Madrid to sign with the Chicago Bulls for 3 years, $17M
Isaiah Thomas signed with the Phoenix Suns for 4 years, $27M
Mario Chalmers re-signed with the Miami Heat for 2 years, $8M
Trevor Ariza agreed to a 4 year, $32M deal with the Houston Rockets
Paul Pierce signed with the Washington Wizards for 2 years, $11M
Caron Butler is expected to sign a 2 year, $9M deal with the Detroit Pistons
Chris Anderson agreed to re-sign with the Miami Heat
Kirk Hinrich re-signed with the Chicago Bulls
Richard Jefferson agreed to a 1 year deal with the Dallas Mavericks
D.J. Augustin agreed to a 2 year, $6M deal with the Detroit Pistons
Vince Carter signed with the Memphis Grizzlies for 3 years, $12.2M
Nick Young re-signed with the Los Angeles Lakers for 4 years, $21.5M
Jordan Hill re-signed with the Los Angeles Lakers for 2 years, $18M
Devin Harris agreed to a one year deal with the Dallas Mavericks
Brian Roberts signed with the Charlotte Hornets for 2 years, $5.5M
Anthony Morrow will sign with the Oklahoma City Thunder for 3 years, $10M
Greivis Vasquez re-signed with the Toronto Raptors on a 2 year, $13M deal
James Johnson agreed to a 2 year, $5M deal with the Toronto Raptors
Steve Blake agreed to a deal with the Portland Trail Blazers
Beno Udrih agreed to a deal with the Memphis Grizzlies
Marvin Williams agreed to a 2 year, $14M deal with the Charlotte Hornets
P.J. Tucker signed a 3 year, $16.5M deal with the Phoenix Suns
Kent Bazemore signed with the Atlanta Hawks for 2 years, $4M
Matt Bonner re-signed to a the San Antonio Spurs with a 1 year deal
-Germany won the 2014 FIFA World Cup! It's the 4th World Cup title for the Germans. Mario Gotze scored the game-winning goal in the 113th minute of extra time.
-"Dawn of the Planet of the Apes" made an estimated $73 million this weekend domestically, making it the number 1 movie of the weekend. The sequel to 2011's "Rise of the Planet of the Apes" is looking to be on its way to gross over $200 million this Summer.